HR 3571
Climate Change Financial Risk Act of 2021
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Bill overview
The Climate Change Financial Risk Act of 2021 aims to assess and manage the financial risks posed by climate change to the U.S. financial system. It requires the Federal Reserve to analyze climate risks for large financial companies, establishes a technical group to develop climate scenarios, and directs the Financial Stability Oversight Council to monitor and respond to climate-related threats. The bill also mandates biennial stress tests for covered financial institutions to evaluate their capital adequacy in the face of climate-related losses and establishes a survey to assess how financial institutions are adapting to these risks.
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