Banks Banned from Funding New Fossil Fuel Expansion Projects
This bill imposes strict limits on financial institutions, prohibiting them from lending, investing, or facilitating transactions that support the expansion of coal, oil, or gas production beyond current levels. The goal is to protect the economy from risks associated with fossil fuel assets and accelerate the energy transition. Citizens may see indirect effects on bank stability and future energy costs and availability.
Key points
Financial companies cannot fund new pipelines, refineries, power plants, or increase existing fossil fuel extraction activities.
Violations carry severe penalties, including daily fines up to $5 million and potential imprisonment for individuals involved.
The law requires banks to establish compliance programs and CEOs must attest that their firms are not facilitating new fossil fuel production.
Status:
Expired
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