Major Banks Must End Fossil Fuel Financing by 2030 to Protect Stability.
This law mandates that the largest U.S. banks (assets over $50 billion) must drastically cut funding for fossil fuel and deforestation-linked projects. The goal is to achieve zero emissions tied to bank investments by 2050, aiming to safeguard national financial stability and accelerate the energy transition. Citizens should see their banks shift investments toward more sustainable projects, with a focus on supporting affected communities.
Key points
Large banks must stop financing new or expanded fossil fuel projects within 60 days of the law's enactment.
Total divestment from all fossil fuel financing must be completed by January 1, 2030.
The Federal Reserve can impose penalties, require asset sales, and potentially revoke deposit insurance if banks fail to meet emission reduction targets.
The law requires banks to prioritize support for worker retraining and benefits in communities impacted by the transition away from fossil fuels.
Status:
Expired
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