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Climate Change Financial Risk: New Rules for Banks

This act requires the Federal Reserve to analyze how climate change impacts the nation's financial stability. It aims to help banks and other large financial companies better prepare for potential losses from extreme weather events or economic shifts. This should provide citizens with greater security for their savings and a more stable financial system in the face of climate challenges.
Key points
The Federal Reserve will study how floods, droughts, or wildfires affect the finances of companies and banks.
Large banks and financial firms will regularly assess if they have enough capital to withstand severe climate change scenarios.
An expert group will be established to help evaluate climate risks and their economic impact.
Smaller banks and financial institutions will also be surveyed to assess their resilience to climate change.
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Status:
Expired
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Additional Information
Print number: 117_HR_3571
Sponsor: Rep. Casten, Sean [D-IL-6]
Process start date: 2021-05-28
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Climate Change 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_3571.

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 2021-05-28.

What are the main provisions?

Key points include:

  • The Federal Reserve will study how floods, droughts, or wildfires affect the finances of companies and banks.
  • Large banks and financial firms will regularly assess if they have enough capital to withstand severe climate change scenarios.
  • An expert group will be established to help evaluate climate risks and their economic impact.
  • Smaller banks and financial institutions will also be surveyed to assess their resilience to climate change.
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 Subcommittee on Environment and Climate Change.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Environment