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Titles (2)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Climate Change Financial Risk Act of 2019

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to require the Board of Governors of the Federal Reserve System, in consultation with the heads of other relevant Federal agencies, to develop financial risk analyses relating to climate change, and for other purposes.

Actions Overview (1)

Date Actions Overview
11/20/2019Introduced in Senate

All Actions (1)

Date All Actions
11/20/2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (10)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Banking, Housing, and Urban Affairs11/20/2019 Referred to

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Latest Summary (1)

There is one summary for S.2903. View summaries

Shown Here:
Introduced in Senate (11/20/2019)

Climate Change Financial Risk Act of 2019

This bill addresses climate change risk and its potential impact on the financial system.

The Federal Reserve Board must develop financial risk analyses relating to climate change for specified large nonbank financial companies and bank holding companies. Specifically, these entities will be evaluated every two years on whether they have the capital necessary to absorb financial losses that would arise under several different climate change risk scenarios.

The bill also establishes the Climate Risk Scenario Technical Development Group to provide recommendations to the board regarding such climate change risk scenarios, and determine the financial and economic risks of these scenarios.

The Financial Stability Oversight Council of the Department of the Treasury must establish a subcommittee to assist it in identifying risks and responding to threats to the financial system as a result of climate change.