3.0.0 3167 2023-05-02T14:00:22Z 2023-05-02T14:00:22Z Senate S 2021-11-04 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2021-11-04T16:31:42Z Fossil Free Finance Act 117 5253 HR 2021-09-14 Referred to the House Committee on Financial Services. Related bill CRS 2021-11-04 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2021-11-04 Introduced in Senate IntroReferral 10000 9 Library of Congress M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2021-11-04 True Finance and Financial Sector Finance and Financial Sector 00 2021-11-04 Introduced in Senate 2023-05-02T13:57:42Z Fossil Free Finance Act

This bill requires large bank holding companies to set forth plans to reduce and ultimately eliminate the financing of activities that contribute to greenhouse gas emissions and deforestation. Specifically, the bill prohibits the financing of (1) new or expanded fossil fuel projects by 2023, (2) thermal coal by 2025, and (3) all fossil fuel projects by 2030.

Further, the Financial Stability Oversight Council must consider the activities of certain bank holding companies and nonbank financial companies that contribute to emissions as part of the prudential supervision process.

The Board of Governors of the Federal Reserve System must report on financed emissions in the financial system, the estimated emissions to meet science-based emissions targets, and recommendations for addressing regulatory gaps in reducing such emissions that cannot be addressed by the board.

]]> Fossil Free Finance Act Display Title Fossil Free Finance Act Short Title(s) as Introduced Fossil Free Finance Act Introduced in Senate IS Official Title as Introduced A bill to amend the Bank Holding Company Act of 1956 and the Dodd-Frank Wall Street Reform and Consumer Protection Act to require disclosure of certain financed emissions, and for other purposes. Introduced in Senate IS Introduced in Senate 2021-11-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s3167is/xml/BILLS-117s3167is.xml 2021-11-04 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.