3.0.0 4835 2023-01-11T13:44:23Z 2023-01-11T13:44:23Z Senate S 2020-10-21 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-10-21T20:46:36Z 2020-10-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-10-21 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N Finance and Financial Sector Banking and financial institutions regulation Civil actions and liability Coal Corporate finance and management Credit and credit markets Financial services and investments Fraud offenses and financial crimes Oil and gas Securities Finance and Financial Sector 00 2020-10-21 Introduced in Senate 2021-02-18T15:08:23Z Protecting America's Economy from the Carbon Bubble Act of 2020

This bill prohibits certain financial companies (including bank holding companies, savings and loan holding companies, and insured depository institutions) from involvement in fossil fuel production. Prohibited activities include

  • providing loans to and making investments in fossil fuel companies or projects,
  • facilitating transactions that funds new fossil fuel production,
  • securitizing assets that provide funds for new fossil fuel production, and
  • entering into certain derivatives transactions related to new fossil fuel production.

Violators are subject to criminal and civil penalties.

]]> Protecting America's Economy from the Carbon Bubble Act of 2020 Display Title Protecting America's Economy from the Carbon Bubble Act of 2020 Short Title(s) as Introduced Protecting America's Economy from the Carbon Bubble Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to prohibit bank holding companies from facilitating fossil fuel production from new sources or new or expanded fossil infrastructure that would drive such production, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-10-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4835is/xml/BILLS-116s4835is.xml 2020-10-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.