What is the official ID of this bill?
The official print number for this legislation is S 588.
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.
Status:
Expired
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