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Managing Climate Risk in US Finance

This act aims to strengthen the financial stability of the United States by better managing risks associated with climate change. It establishes a new advisory committee to help assess the impact of climate on the economy and finance, potentially leading to greater security for citizens' savings and investments. Banks and financial institutions will need to better assess and manage climate risks, which may affect the availability of loans or insurance in the future.
Key points
Establishment of an Advisory Committee on Climate Risk to advise the Financial Stability Oversight Council on the impact of climate change on the financial system.
Requirement for banking and insurance agencies to incorporate climate risk (e.g., floods, droughts) into their assessments and oversight of financial institutions.
Publication of reports assessing the potential impact of climate risk on U.S. financial stability and recommendations for improving risk management.
Encouragement of international cooperation on climate-related financial risk management.
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Expired
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Additional Information
Print number: 117_HR_1549
Sponsor: Rep. Casten, Sean [D-IL-6]
Process start date: 2021-03-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Addressing Climate Financial Risk Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1549.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-03.

What are the main provisions?

Key points include:

  • Establishment of an Advisory Committee on Climate Risk to advise the Financial Stability Oversight Council on the impact of climate change on the financial system.
  • Requirement for banking and insurance agencies to incorporate climate risk (e.g., floods, droughts) into their assessments and oversight of financial institutions.
  • Publication of reports assessing the potential impact of climate risk on U.S. financial stability and recommendations for improving risk management.
  • Encouragement of international cooperation on climate-related financial risk management.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Casten, Sean [D-IL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Environment