I 

117TH CONGRESS 

1ST SESSION H. R. 3571 

To require the Board of Governors of the Federal Reserve System, in consultation with the heads of other relevant Federal agencies, to develop 

and conduct financial risk analyses relating to climate change, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 28, 2021 

Mr. CASTEN (for himself, Mr. PETERS, Mr. LEVIN of California, Mr. 

QUIGLEY, and Mr. GRIJALVA) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the 

Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To require the Board of Governors of the Federal Reserve 

System, in consultation with the heads of other relevant 

Federal agencies, to develop and conduct financial risk 

analyses relating to climate change, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Climate Change Finan5 cial Risk Act of 2021’’. 


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1 SEC. 2. SENSE OF CONGRESS. 

2 It is the sense of Congress that— 

3 (1) if current trends continue, average global 

4 temperatures are likely to reach 1.5 degrees Celsius 

5 above pre-industrial levels between 2030 and 2050; 

6 (2) global temperature rise has already resulted 

7 in an increased number of heavy rainstorms, coastal 

8 flooding events, heat waves, wildfires, and other ex9 treme events; 

10 (3) since 1980— 

11 (A) the number of extreme weather events 

12 per year that cost the people of the United 

13 States more than $1,000,000,000 per event, ac14 counting for inflation, has increased signifi15 cantly; and 

16 (B) the total cost of extreme weather 

17 events in the United States has exceeded 

18 $1,875,000,000,000; 

19 (4) as physical impacts from climate change are 

20 manifested across multiple sectors of the economy of 

21 the United States— 

22 (A) climate-related economic risks will con23 tinue to increase; 

24 (B) climate-related extreme weather events 

25 will disrupt energy and transportation systems 

26 in the United States, which will result in more 


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1 frequent and longer-lasting power outages, fuel 

2 shortages, and service disruptions in critical 

3 sectors across the economy of the United 

4 States; 

5 (C) projected increases in extreme heat 

6 conditions will lead to decreases in labor pro7 ductivity in agriculture, construction, and other 

8 critical economic sectors; 

9 (D) food and livestock production will be 

10 impacted in regions that experience increases in 

11 heat and drought and small rural communities 

12 will struggle to find the resources needed to 

13 adapt to those changes; and 

14 (E) sea level rise and more frequent and 

15 intense extreme weather events will— 

16 (i) increasingly disrupt and damage 

17 private property and critical infrastructure; 

18 and 

19 (ii) drastically increase insured and 

20 uninsured losses; 

21 (5) advances in energy efficiency and renewable 

22 energy technologies, as well as climate policies and 

23 shifting societal preferences, will— 

24 (A) reduce global demand for fossil fuels; 

25 and 


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1 (B) expose transition risks for fossil fuel 

2 companies and investors, and for companies 

3 and investors in other energy-intensive indus4 tries, which could include trillions of dollars of 

5 stranded assets around the world; 

6 (6) climate change poses uniquely far-reaching 

7 risks to the financial services industry, including 

8 with respect to credit, counterparty, and market 

9 risks, due to the number of sectors and locations im10 pacted and the potentially irreversible scale of dam11 age; 

12 (7) financial institutions must take a consistent 

13 approach to assessing climate-related financial risks 

14 and incorporating those risks into existing risk man15 agement practices, which should be informed by sce16 nario analysis; 

17 (8) the Board of Governors conducts annual as18 sessments of the capital adequacy and capital plan19 ning practices of the largest and most complex bank20 ing organizations (referred to in this section as 

21 ‘‘stress tests’’) in order to promote a safe, sound, 

22 and efficient banking and financial system; 

23 (9) as of the date of enactment of this Act, the 

24 stress tests conducted by the Board of Governors are 


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1 not designed to reflect the physical risks or transi2 tion risks posed by climate change; 

3 (10) the Board of Governors— 

4 (A) has the authority to take into account 

5 the potentially systemic impact of climate-re6 lated risks on the financial system; and 

7 (B) should develop new analytical tools 

8 with longer time horizons to accurately assess 

9 and manage the risks described in subpara10 graph (A); and 

11 (11) the Climate-Related Market Risk Sub12 committee of the Commodity Futures Trading Com13 mission has identified the importance of researching 

14 ‘‘climate-related ‘sub-systemic’ shocks to financial 

15 markets and institutions in particular sectors and 

16 regions of the United States’’. 

17 SEC. 3. DEFINITIONS. 

18 In this Act: 

19 (1) BANK HOLDING COMPANY.—The term 

20 ‘‘bank holding company’’ has the meaning given the 

21 term in section 102(a) of the Financial Stability Act 

22 of 2010 (12 U.S.C. 5311(a)). 

23 (2) BOARD OF GOVERNORS.—The term ‘‘Board 

24 of Governors’’ means the Board of Governors of the 

25 Federal Reserve System. 


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1 (3) CLIMATE SCIENCE LEADS.—The term ‘‘cli2 mate science leads’’ means— 

3 (A) the Administrator of the National Oce4 anic and Atmospheric Administration; 

5 (B) the Administrator of the Environ6 mental Protection Agency; 

7 (C) the Secretary of Energy; 

8 (D) the Administrator of the National Aer9 onautics and Space Administration; 

10 (E) the Director of the United States Geo11 logical Survey; 

12 (F) the Secretary of the Interior; and 

13 (G) the head of any other Federal agency 

14 that the Board of Governors determines to be 

15 appropriate. 

16 (4) COVERED ENTITY.—The term ‘‘covered en17 tity’’ means— 

18 (A) a nonbank financial company or bank 

19 holding company that has not less than 

20 $250,000,000,000 in total consolidated assets; 

21 and 

22 (B) a nonbank financial company or bank 

23 holding company— 


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1 (i) that has not less than 

2 $100,000,000,000 in total consolidated as3 sets; and 

4 (ii) with respect to which the Board of 

5 Governors determines the application of 

6 subparagraph (C) of section 165(i)(1) of 

7 the Financial Stability Act of 2010 (12 

8 U.S.C. 5365(i)(1)), as added by section 6 

9 of this Act, is appropriate— 

10 (I) to— 

11 (aa) prevent or mitigate 

12 risks to the financial stability of 

13 the United States; or 

14 (bb) promote the safety and 

15 soundness of the company; and 

16 (II) after taking into consider17 ation— 

18 (aa) the capital structure, 

19 riskiness, complexity, financial 

20 activities, and size of the com21 pany, including the financial ac22 tivities of any subsidiary of the 

23 company; and 

24 (bb) any other risk-related 

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1 ernors determines to be appro2 priate. 

3 (5) NONBANK FINANCIAL COMPANY.—The term 

4 ‘‘nonbank financial company’’ has the meaning given 

5 the term in section 102(a)(4)(C) of the Financial 

6 Stability Act of 2010 (12 U.S.C. 5311(a)(4)(C)). 

7 (6) PHYSICAL RISKS.—The term ‘‘physical 

8 risks’’ means financial risks to assets, locations, op9 erations, or value chains that result from exposure 

10 to physical climate-related effects, including— 

11 (A) increased average global temperatures; 

12 (B) increased severity and frequency of ex13 treme weather events; 

14 (C) increased flooding; 

15 (D) sea level rise; 

16 (E) ocean acidification; 

17 (F) increased severity and frequency of 

18 heat waves; 

19 (G) increased frequency of wildfires; 

20 (H) decreased arability of farmland; and 

21 (I) decreased availability of fresh water. 

22 (7) SURVEYED ENTITY.—The term ‘‘surveyed 

23 entity’’ means a nonbank financial company super24 vised by the Board of Governors, or a bank holding 

25 company, that— 


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1 (A) has total consolidated assets of not less 

2 than $10,000,000,000; and 

3 (B) is not a covered entity. 

4 (8) TECHNICAL DEVELOPMENT GROUP.—The 

5 term ‘‘Technical Development Group’’ means the 

6 Climate Risk Scenario Technical Development Group 

7 established under section 4. 

8 (9) TRANSITION RISKS.—The term ‘‘transition 

9 risks’’ means financial risks that are attributable to 

10 climate change mitigation and adaptation, including 

11 efforts to reduce greenhouse gas emissions and 

12 strengthen resilience to the impacts of climate 

13 change, including— 

14 (A) costs relating to— 

15 (i) international treaties and agree16 ments; 

17 (ii) Federal, State, and local policies; 

18 (iii) new technologies; 

19 (iv) changing markets; 

20 (v) reputational impacts relevant to 

21 changing consumer behavior; and 

22 (vi) litigation; and 

23 (B) a loss in the value, or the stranding, 

24 of assets due to any of the costs described in 

25 clauses (i) through (vi) of subparagraph (A). 


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1 (10) VALUE CHAIN.—The term ‘‘value chain’’— 

2 (A) means the total lifecycle of a product 

3 or service, both before and after production of 

4 the product or service, as applicable; and 

5 (B) may include the sourcing of materials, 

6 production, and disposal with respect to the 

7 product or service described in subparagraph 

8 (A). 

9 SEC. 4. CLIMATE RISK SCENARIO TECHNICAL DEVELOP10 MENT GROUP. 

11 (a) ESTABLISHMENT.—The Board of Governors shall 

12 establish a technical advisory group to be known as the 

13 Climate Risk Scenario Technical Development Group. 

14 (b) MEMBERSHIP.— 

15 (1) COMPOSITION.—The Technical Develop16 ment Group shall be composed of 10 members— 

17 (A) 5 of whom shall be climate scientists; 

18 and 

19 (B) 5 of whom shall be economists, with 

20 expertise in either the United States financial 

21 system or the risks posed by climate change. 

22 (2) SELECTION.—The Board of Governors shall 

23 select the members of the Technical Development 

24 Group after consultation with the climate science 

25 leads. 


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1 (c) DUTIES.—The Technical Development Group 

2 shall— 

3 (1) provide recommendations to the Board of 

4 Governors regarding the development of, and up5 dates to, the climate change risk scenarios under 

6 section 5; 

7 (2) after the establishment of the climate 

8 change risk scenarios under section 5, determine the 

9 financial and economic risks resulting from those 

10 scenarios; 

11 (3) make any final work product and any data 

12 sets or other inputs used in the development of the 

13 final work product, publicly available; and 

14 (4) provide technical assistance to covered enti15 ties in assessing physical risks or transition risks. 

16 (d) INAPPLICABILITY OF FEDERAL ADVISORY COM17 MITTEE ACT.—The Federal Advisory Committee Act (5 

18 U.S.C. App.) shall not apply with respect to the Technical 

19 Development Group. 

20 SEC. 5. DEVELOPMENT AND UPDATING OF CLIMATE 

21 CHANGE RISK SCENARIOS. 

22 (a) IN GENERAL.— 

23 (1) INITIAL DEVELOPMENT.—Not later than 1 

24 year after the date of enactment of this Act, the 

25 Board of Governors, in coordination with the climate 


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1 science leads, and taking into consideration the rec2 ommendations of the Technical Development Group, 

3 shall develop 3 separate climate change risk sce4 narios as follows: 

5 (A) One scenario that assumes an average 

6 increase in global temperatures of 1.5 degrees 

7 Celsius above pre-industrial levels. 

8 (B) One scenario that assumes an average 

9 increase in global temperatures of 2 degrees 

10 Celsius above pre-industrial levels. 

11 (C) One scenario that— 

12 (i) assumes the likely and very likely 

13 average increase in global temperatures 

14 that can be expected, taking into consider15 ation the extent to which national policies 

16 and actions relating to climate change have 

17 been implemented, as of the date on which 

18 the scenario is developed, or on which the 

19 scenario is updated under paragraph (2), 

20 as applicable; and 

21 (ii) does not take into consideration 

22 commitments for policies and actions relat23 ing to climate change that, as of the appli24 cable date described in clause (i), have not 

25 been implemented. 


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1 (2) UPDATES.—After the initial development of 

2 the climate change risk scenarios under paragraph 

3 (1), the Board of Governors, in coordination with 

4 the climate science leads, and taking into consider5 ation the recommendations of the Technical Devel6 opment Group, shall update those scenarios once 

7 every 3 years. 

8 (3) INTERNATIONAL COORDINATION.—In devel9 oping and updating the 3 scenarios required under 

10 this subsection, the Board of Governors shall take 

11 into consideration analytic tools and best practices 

12 developed by international banking supervisors relat13 ing to climate risks and scenario analysis in an ef14 fort to develop consistent and comparable data-driv15 en scenarios. 

16 (4) RECOMMENDATIONS.—If the Technical De17 velopment Group determines that the average in18 crease in global temperatures described in subpara19 graph (A) or (B) of paragraph (1) is no longer sci20 entifically valid, the Technical Development Group 

21 may recommend that the Board of Governors, in co22 ordination with the climate science leads, update the 

23 average increase in global temperatures described in 

24 the applicable subparagraph to reflect the most cur25 rent assessment of climate change science. 


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1 (b) CONSIDERATIONS.—In developing and updating 

2 each of the 3 scenarios required under subsection (a), the 

3 Board of Governors, in coordination with the climate 

4 science leads, shall account for physical risks and transi5 tion risks that may disrupt business operations across the 

6 global economy, including through— 

7 (1) disruptions with respect to— 

8 (A) the sourcing of materials; 

9 (B) production; and 

10 (C) the disposal of products and services; 

11 (2) changes in the availability and prices of raw 

12 materials and other inputs; 

13 (3) changes in agricultural production and with 

14 respect to food security; 

15 (4) direct damages to fixed assets; 

16 (5) increases in costs associated with insured or 

17 uninsured losses; 

18 (6) changes in asset values; 

19 (7) impacts on— 

20 (A) aggregate demand for products and 

21 services; 

22 (B) labor productivity; 

23 (C) asset liquidity; and 

24 (D) credit availability; 


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1 (8) mass migration and increases in disease and 

2 mortality rates; 

3 (9) international conflict, as such conflict re4 lates to global economic activity and output; and 

5 (10) changes in any other microeconomic or 

6 macroeconomic condition that the Board of Gov7 ernors, in coordination with the climate science 

8 leads, determines to be relevant. 

9 SEC. 6. CLIMATE-RELATED ENHANCED SUPERVISION FOR 

10 CERTAIN NONBANK FINANCIAL COMPANIES 

11 AND BANK HOLDING COMPANIES. 

12 Section 165(i)(1) of the Financial Stability Act of 

13 2010 (12 U.S.C. 5365(i)(1)) is amended— 

14 (1) in subparagraph (B)(i), by inserting ‘‘except 

15 as provided in subparagraph (C)(ii)(I),’’ before 

16 ‘‘shall provide’’; and 

17 (2) by adding at the end the following: 

18 ‘‘(C) BIENNIAL TESTS REQUIRED.— 

19 ‘‘(i) DEFINITIONS.—In this subpara20 graph— 

21 ‘‘(I) the term ‘capital distribu22 tion’ has the meaning given the term 

23 in section 225.8(d)(4) of title 12, 

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1 fect on the date of enactment of this 

2 subparagraph; 

3 ‘‘(II) the term ‘capital policy’ has 

4 the meaning given the term in section 

5 225.8(d)(7) of title 12, Code of Fed6 eral Regulations, as in effect on the 

7 date of enactment of this subpara8 graph; and 

9 ‘‘(III) the terms ‘climate science 

10 leads’ and ‘covered entity’ have the 

11 meanings given those terms in section 

12 3 of the Climate Change Financial 

13 Risk Act of 2021. 

14 ‘‘(ii) TESTS.— 

15 ‘‘(I) IN GENERAL.—Subject to 

16 the other requirements of this clause, 

17 the Board of Governors, in coordina18 tion with the appropriate primary fi19 nancial regulatory agencies and the 

20 climate science leads, shall conduct bi21 ennial analyses in which each covered 

22 entity is subject to evaluation, under 

23 an adverse set of conditions, of wheth24 er that covered entity has the capital, 

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1 essary to absorb financial losses that 

2 would arise under each climate change 

3 risk scenario developed under section 

4 5 of the Climate Change Financial 

5 Risk Act of 2021. 

6 ‘‘(II) INITIAL TESTS.—With re7 spect to each of the first 3 analyses 

8 conducted under subclause (I)— 

9 ‘‘(aa) the covered entity to 

10 which such an analysis applies 

11 shall not be subject to any ad12 verse consequences as a result of 

13 the analysis; and 

14 ‘‘(bb) the Board of Gov15 ernors shall— 

16 ‘‘(AA) not later than 60 

17 days after the date on which 

18 the Board of Governors 

19 completes each such anal20 ysis, make a summary of the 

21 analysis publicly available; 

22 and 

23 ‘‘(BB) submit a copy of 

24 the results of the analysis to 

25 the Committee on Banking, 


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1 Housing, and Urban Affairs 

2 of the Senate and the Com3 mittee on Financial Services 

4 of the House of Representa5 tives. 

6 ‘‘(III) CLIMATE RISK REMEDI7 ATION PLAN.— 

8 ‘‘(aa) IN GENERAL.—Except 

9 with respect to the first analysis 

10 conducted under subclause (I), 

11 each covered entity shall, before 

12 being subject to an analysis 

13 under that subclause, submit to 

14 the Board of Governors a remedi15 ation plan with respect to climate 

16 risk planning (referred to in this 

17 subclause as a ‘climate risk reme18 diation plan’), which shall be 

19 based on the results of the most 

20 recently conducted analysis of the 

21 covered entity under that sub22 clause. 

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1 quired under item (aa) shall in2 clude— 

3 ‘‘(AA) a capital policy 

4 with respect to climate risk 

5 planning; and 

6 ‘‘(BB) qualitative and 

7 quantitative targets for bal8 ance sheet and off-balance 

9 sheet exposures, and other 

10 business operations, that 

11 remedy vulnerabilities identi12 fied in the most recently 

13 conducted analysis of the 

14 applicable covered entity 

15 under subclause (I). 

16 ‘‘(cc) REJECTION.—Except 

17 as provided in subclause (II)(aa), 

18 the Board of Governors may ob19 ject to a climate risk remediation 

20 plan submitted by a covered enti21 ty under item (aa) if the Board 

22 of Governors determines that— 

23 ‘‘(AA) the covered enti24 ty has not demonstrated a 

25 reasonable plan to maintain 


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1 capital above each minimum 

2 regulatory capital ratio on a 

3 pro forma basis under the 

4 adverse set of conditions de5 scribed in subclause (I); 

6 ‘‘(BB) the climate risk 

7 remediation plan is other8 wise not reasonable or ap9 propriate; 

10 ‘‘(CC) the assumptions 

11 and analysis underlying the 

12 climate risk remediation 

13 plan, or the methodologies 

14 and practices that support 

15 the climate risk remediation 

16 plan, are not reasonable or 

17 appropriate; or 

18 ‘‘(DD) the climate risk 

19 remediation plan otherwise 

20 constitutes an unsafe or un21 sound practice. 

22 ‘‘(dd) GENERAL DISTRIBU23 TION LIMITATION.—If the Board 

24 of Governors, under item (cc), 

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1 ation plan submitted by a cov2 ered entity under item (aa), the 

3 covered entity may not make any 

4 capital distribution, other than a 

5 capital distribution arising from 

6 the issuance of a regulatory cap7 ital instrument eligible for inclu8 sion in the numerator of a min9 imum regulatory capital ratio.’’. 

10 SEC. 7. SUB-SYSTEMIC EXPLORATORY SURVEY. 

11 (a) DEVELOPMENT OF SURVEY.—The Board of Gov12 ernors, in consultation with the Comptroller of the Cur13 rency and the Board of Directors of the Federal Deposit 

14 Insurance Corporation, shall develop an exploratory survey 

15 to assess— 

16 (1) the ability of surveyed entities, including ag17 ricultural banks, community banks, and other finan18 cial institutions with a significant concentration of 

19 business activities in certain geographical areas or 

20 industries, to withstand each climate risk scenario 

21 developed under section 5; and 

22 (2) how surveyed entities plan to make adapta23 tions to the business models and capital planning of 

24 those entities in response to the risks presented in 


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1 each climate change risk scenario developed under 

2 section 5. 

3 (b) ADMINISTRATION OF SURVEY.— 

4 (1) INITIAL ADMINISTRATION.— 

5 (A) IN GENERAL.—Not later than 1 year 

6 after the completion of the first analysis under 

7 subparagraph (C) of section 165(i)(1) of the Fi8 nancial Stability Act of 2010 (12 U.S.C. 

9 5365(i)(1)), as added by section 6 of this Act, 

10 the Board of Governors shall administer the 

11 survey developed under subsection (a) to each 

12 surveyed entity. 

13 (B) ASSESSMENT AND REPORT.—Not later 

14 than 18 months after the date on which the 

15 Board of Governors completes the administra16 tion of the survey under subparagraph (A), the 

17 Board of Governors shall— 

18 (i) assess the responses to the survey; 

19 and 

20 (ii) publicly release a report that sum21 marizes the results of the survey, which 

22 shall include the analysis of the Board of 

23 Governors regarding whether the planned 

24 actions of the surveyed entities to which 


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1 the survey was administered, in the aggre2 gate— 

3 (I) are plausible; and 

4 (II) would be effective. 

5 (2) SUBSEQUENT ADMINISTRATION.— 

6 (A) IN GENERAL.—After the release of the 

7 report required under paragraph (1)(B)(ii), the 

8 Board of Governors shall, on a biennial basis, 

9 administer to each surveyed entity the survey 

10 developed under subsection (a). 

11 (B) SUBSEQUENT REPORT.—Not later 

12 than 180 days after the date on which each sur13 vey administered under subparagraph (A) is 

14 completed, the Board of Governors shall pub15 licly release a report that summarizes the re16 sults of the survey, which shall include the anal17 ysis described in paragraph (1)(B)(ii). 

18 (c) EFFECT OF SURVEY PARTICIPATION.— 

19 (1) IN GENERAL.—With respect to a surveyed 

20 entity to which any survey under this section is ad21 ministered— 

22 (A) subject to paragraph (2), the entity 

23 shall not be subject to any adverse consequence 

24 on the basis of a response provided by the enti25 ty to the survey; and 


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1 (B) in any report released with respect to 

2 the survey, the Board of Governors may not 

3 identify any individual response submitted by 

4 the entity to the survey. 

5 (2) RULE OF CONSTRUCTION.—Nothing in 

6 paragraph (1)(A) may be construed to preclude the 

7 Board of Governors from pursuing an enforcement 

8 action against a surveyed entity because of a viola9 tion discovered by the Board of Governors during an 

10 examination of the surveyed entity that is inde11 pendent of a survey administered under this section. 

12 SEC. 8. FINANCIAL STABILITY OVERSIGHT COUNCIL. 

13 (a) IN GENERAL.—The Financial Stability Oversight 

14 Council shall establish a committee of the Council that 

15 shall support the Council in identifying risks to, and in 

16 responding to emerging threats to, the stability of the 

17 United States financial system as a result of climate 

18 change. 

19 (b) RESPONSIBILITIES.— 

20 (1) COMMITTEE.—The committee established 

21 under subsection (a) shall, not later than 1 year 

22 after the completion of the first analysis required 

23 under subparagraph (C) of section 165(i)(1) of the 

24 Financial Stability Act of 2010 (12 U.S.C. 

25 5365(i)(1)), as added by section 6 of this Act, and 


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1 in consultation with the Office of Financial Re2 search, submit to Congress an assessment of the risk 

3 posed by climate change to the efficiency, competi4 tiveness, and stability of the United States financial 

5 system as a whole. 

6 (2) COUNCIL.—For each year after the year in 

7 which the assessment required under paragraph (1) 

8 is submitted, the Financial Stability Oversight Coun9 cil shall include in the annual report required under 

10 section 112(a)(2)(N) of the Financial Stability Act 

11 of 2010 (12 U.S.C. 5322(a)(2)(N)) an update to 

12 that assessment. 

13 (c) COMPOSITION.—The committee established under 

14 subsection (a) shall be composed of— 

15 (1) the Chairman of the Board of Governors; 

16 (2) the Secretary of the Treasury; 

17 (3) the Comptroller of the Currency; 

18 (4) the Chairperson of the Board of Directors 

19 of the Federal Deposit Insurance Corporation; 

20 (5) the Chairman of the Securities and Ex21 change Commission; 

22 (6) the Chairperson of the Commodity Futures 

23 Trading Commission; and 


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1 (7) any other voting or nonvoting members that 

2 the Financial Stability Oversight Council determines 

3 to be appropriate. 

Æ 


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