118th Congress · SENATE BILLBILL

S. 1138 — Fossil Free Finance Act of 2023

“A bill to amend the Bank Holding Company Act of 1956 and the Financial Stability Act of 2010 to require a reduction of financed emissions to protect financial stability, and for other purposes.”

Finance and financial sector

Introduced Mar 30, 2023

Last action Mar 30, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 30, 2023

Step 2

Referred

Mar 30, 2023

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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 60 days after enactment, (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 finan...

Provisions · 4 sectionsIntroduced in Senate

Timeline · 2 actions

Mar 30, 2023

Introduced in Senate

Mar 30, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.