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Climate Financial Risk Management: New Rules and Oversight

This act aims to strengthen the financial stability of the United States by improving the management of climate-related risks. Citizens may feel an indirect impact through increased stability of banks and insurers, which could lead to greater security for their savings and policies. New rules for assessing and reporting climate risk by financial institutions are being introduced.
Key points
Establishment of a new advisory committee on climate risk to assist the government in assessing the impact of climate change on the financial system.
Banks and financial institutions will need to better identify and manage climate-related risks, such as floods or droughts, which may affect their lending and investment decisions.
Insurers will be required to assess the potential impact of climate financial risk on the insurance sector and recommend ways to modernize regulations, potentially affecting policy availability and pricing.
Increased coordination among federal agencies and internationally to better understand and mitigate climate financial risk.
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Expired
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Additional Information
Print number: 117_S_588
Sponsor: Sen. Feinstein, Dianne [D-CA]
Process start date: 2021-03-04
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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_S_588.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-04.

What are the main provisions?

Key points include:

  • Establishment of a new advisory committee on climate risk to assist the government in assessing the impact of climate change on the financial system.
  • Banks and financial institutions will need to better identify and manage climate-related risks, such as floods or droughts, which may affect their lending and investment decisions.
  • Insurers will be required to assess the potential impact of climate financial risk on the insurance sector and recommend ways to modernize regulations, potentially affecting policy availability and pricing.
  • Increased coordination among federal agencies and internationally to better understand and mitigate climate financial risk.
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. Feinstein, Dianne [D-CA].

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.

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