This bill creates new structures within the Financial Stability Oversight Council to identify and address climate-related risks to the U.S. financial system. It establishes two new bodies: a Climate Financial Risk Committee made up of staff from member agencies to coordinate climate risk assessment efforts, and an Advisory Committee of up to 30 members including climate scientists, economists, insurance experts, investors, and consumer advocates to provide recommendations. The bill requires federal banking regulators and credit unions to update their guidance for large financial institutions (those with over $50 billion in assets) to address climate risks, and directs the Federal Insurance Office to assess climate impacts on the insurance industry and collect detailed homeowner insurance data by zip code. Additionally, the bill calls for a comprehensive annual report to Congress on climate financial risks and encourages U.S. financial regulators to coordinate with international bodies on climate risk oversight. The initial climate risk report must be completed within 270 days of the bill's enactment, with subsequent annual reports following thereafter.
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