HR 5253 United States House · 117th Congress

Fossil Free Finance Act

Summary

Fossil Free Finance Act This bill requires large bank holding companies to develop and implement emission reduction plans. Such a plan must include strategies for a company to equitably reduce and eventually eliminate financed greenhouse gas emissions by January 1, 2050, and to discontinue specified fossil fuel projects and financing. The bill also prohibits the use of carbon offsets in such a plan, sets forth technological requirements for reductions, and requires the prioritization of specified social impacts. Plans must be submitted to the Board of Governors of the Federal Reserve System for approval every two years.

Issues: ✓ Energy ✓ Environment

Bill status in committee 1 of 4 stages cleared

Introduction

Sep 2021

Committee Review

Floor Vote

President

Introduced Sep 14, 2021 Last action Sep 14, 2021

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Sep 14, 2021

Committee

Referred to the House Committee on Financial Services.

lower

Sep 14, 2021

Introduced

Introduced in House

lower

1 primary · 20 co-sponsors