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.
Fossil Free Finance Act
This bill requires large bank holding companies to develop and implement emission reduction plans. Such a plan must include strategies for a company to equitably reduce and eventually eliminate financed greenhouse gas emissions by January 1, 2050, and to discontinue specified fossil fuel projects and financing. The bill also prohibits the use of carbon offsets in such a plan, sets forth technological requirements for reductions, and requires the prioritization of specified social impacts.
Plans must be submitted to the Board of Governors of the Federal Reserve System for approval every two years.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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