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Prohibiting Bank Financing for New Fossil Fuel Projects

This act aims to stop financial institutions from funding new fossil fuel projects, such as new wells or infrastructure. This could impact energy availability and prices, and shift economic investments towards more environmentally friendly solutions.
Key points
Banks and other financial companies will be prohibited from lending to or investing in new fossil fuel production or related new infrastructure.
Financial companies must establish procedures to ensure they do not facilitate such activities, and their CEOs must attest to compliance.
Violations can lead to significant daily fines, imprisonment, and a ban from future employment in the financial sector for individuals involved.
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Expired
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Additional Information
Print number: 117_S_5264
Sponsor: Sen. Merkley, Jeff [D-OR]
Process start date: 2022-12-15
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting America's Economy from the Carbon Bubble Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5264.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-15.

What are the main provisions?

Key points include:

  • Banks and other financial companies will be prohibited from lending to or investing in new fossil fuel production or related new infrastructure.
  • Financial companies must establish procedures to ensure they do not facilitate such activities, and their CEOs must attest to compliance.
  • Violations can lead to significant daily fines, imprisonment, and a ban from future employment in the financial sector for individuals involved.
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 Sen. Merkley, Jeff [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Environment