I 
117TH CONGRESS 
1ST SESSION H. R. 3571 
To require the Board of Governors of the Federal Reserve System, in con-
sultation 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 re-
ferred to the Committee on Financial Services, and in addition to the 
Committee on Energy and Commerce, for a period to be subsequently de-
termined 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 pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Climate Change Finan-
cial Risk Act of 2021’’. 
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SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that— 
(1) if current trends continue, average global 
temperatures are likely to reach 1.5 degrees Celsius 
above pre-industrial levels between 2030 and 2050; 
(2) global temperature rise has already resulted 
in an increased number of heavy rainstorms, coastal 
flooding events, heat waves, wildfires, and other ex-
treme events; 
(3) since 1980— 
(A) the number of extreme weather events 
per year that cost the people of the United 
States more than $1,000,000,000 per event, ac-
counting for inflation, has increased signifi-
cantly; and 
(B) the total cost of extreme weather 
events in the United States has exceeded 
$1,875,000,000,000; 
(4) as physical impacts from climate change are 
manifested across multiple sectors of the economy of 
the United States— 
(A) climate-related economic risks will con-
tinue to increase; 
(B) climate-related extreme weather events 
will disrupt energy and transportation systems 
in the United States, which will result in more 
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frequent and longer-lasting power outages, fuel 
shortages, and service disruptions in critical 
sectors across the economy of the United 
States; 
(C) projected increases in extreme heat 
conditions will lead to decreases in labor pro-
ductivity in agriculture, construction, and other 
critical economic sectors; 
(D) food and livestock production will be 
impacted in regions that experience increases in 
heat and drought and small rural communities 
will struggle to find the resources needed to 
adapt to those changes; and 
(E) sea level rise and more frequent and 
intense extreme weather events will— 
(i) increasingly disrupt and damage 
private property and critical infrastructure; 
and 
(ii) drastically increase insured and 
uninsured losses; 
(5) advances in energy efficiency and renewable 
energy technologies, as well as climate policies and 
shifting societal preferences, will— 
(A) reduce global demand for fossil fuels; 
and 
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(B) expose transition risks for fossil fuel 
companies and investors, and for companies 
and investors in other energy-intensive indus-
tries, which could include trillions of dollars of 
stranded assets around the world; 
(6) climate change poses uniquely far-reaching 
risks to the financial services industry, including 
with respect to credit, counterparty, and market 
risks, due to the number of sectors and locations im-
pacted and the potentially irreversible scale of dam-
age; 
(7) financial institutions must take a consistent 
approach to assessing climate-related financial risks 
and incorporating those risks into existing risk man-
agement practices, which should be informed by sce-
nario analysis; 
(8) the Board of Governors conducts annual as-
sessments of the capital adequacy and capital plan-
ning practices of the largest and most complex bank-
ing organizations (referred to in this section as 
‘‘stress tests’’) in order to promote a safe, sound, 
and efficient banking and financial system; 
(9) as of the date of enactment of this Act, the 
stress tests conducted by the Board of Governors are 
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not designed to reflect the physical risks or transi-
tion risks posed by climate change; 
(10) the Board of Governors— 
(A) has the authority to take into account 
the potentially systemic impact of climate-re-
lated risks on the financial system; and 
(B) should develop new analytical tools 
with longer time horizons to accurately assess 
and manage the risks described in subpara-
graph (A); and 
(11) the Climate-Related Market Risk Sub-
committee of the Commodity Futures Trading Com-
mission has identified the importance of researching 
‘‘climate-related ‘sub-systemic’ shocks to financial 
markets and institutions in particular sectors and 
regions of the United States’’. 
SEC. 3. DEFINITIONS. 
In this Act: 
(1) BANK
HOLDING
COMPANY.—The term 
‘‘bank holding company’’ has the meaning given the 
term in section 102(a) of the Financial Stability Act 
of 2010 (12 U.S.C. 5311(a)). 
(2) BOARD OF GOVERNORS.—The term ‘‘Board 
of Governors’’ means the Board of Governors of the 
Federal Reserve System. 
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(3) CLIMATE SCIENCE LEADS.—The term ‘‘cli-
mate science leads’’ means— 
(A) the Administrator of the National Oce-
anic and Atmospheric Administration; 
(B) the Administrator of the Environ-
mental Protection Agency; 
(C) the Secretary of Energy; 
(D) the Administrator of the National Aer-
onautics and Space Administration; 
(E) the Director of the United States Geo-
logical Survey; 
(F) the Secretary of the Interior; and 
(G) the head of any other Federal agency 
that the Board of Governors determines to be 
appropriate. 
(4) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means— 
(A) a nonbank financial company or bank 
holding company that has not less than 
$250,000,000,000 in total consolidated assets; 
and 
(B) a nonbank financial company or bank 
holding company— 
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(i) 
that 
has 
not 
less 
than 
$100,000,000,000 in total consolidated as-
sets; and 
(ii) with respect to which the Board of 
Governors determines the application of 
subparagraph (C) of section 165(i)(1) of 
the Financial Stability Act of 2010 (12 
U.S.C. 5365(i)(1)), as added by section 6 
of this Act, is appropriate— 
(I) to— 
(aa) prevent or mitigate 
risks to the financial stability of 
the United States; or 
(bb) promote the safety and 
soundness of the company; and 
(II) after taking into consider-
ation— 
(aa) the capital structure, 
riskiness, complexity, financial 
activities, and size of the com-
pany, including the financial ac-
tivities of any subsidiary of the 
company; and 
(bb) any other risk-related 
factor that the Board of Gov-
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ernors determines to be appro-
priate. 
(5) NONBANK FINANCIAL COMPANY.—The term 
‘‘nonbank financial company’’ has the meaning given 
the term in section 102(a)(4)(C) of the Financial 
Stability Act of 2010 (12 U.S.C. 5311(a)(4)(C)). 
(6) PHYSICAL
RISKS.—The term ‘‘physical 
risks’’ means financial risks to assets, locations, op-
erations, or value chains that result from exposure 
to physical climate-related effects, including— 
(A) increased average global temperatures; 
(B) increased severity and frequency of ex-
treme weather events; 
(C) increased flooding; 
(D) sea level rise; 
(E) ocean acidification; 
(F) increased severity and frequency of 
heat waves; 
(G) increased frequency of wildfires; 
(H) decreased arability of farmland; and 
(I) decreased availability of fresh water. 
(7) SURVEYED ENTITY.—The term ‘‘surveyed 
entity’’ means a nonbank financial company super-
vised by the Board of Governors, or a bank holding 
company, that— 
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(A) has total consolidated assets of not less 
than $10,000,000,000; and 
(B) is not a covered entity. 
(8) TECHNICAL
DEVELOPMENT
GROUP.—The 
term ‘‘Technical Development Group’’ means the 
Climate Risk Scenario Technical Development Group 
established under section 4. 
(9) TRANSITION RISKS.—The term ‘‘transition 
risks’’ means financial risks that are attributable to 
climate change mitigation and adaptation, including 
efforts to reduce greenhouse gas emissions and 
strengthen resilience to the impacts of climate 
change, including— 
(A) costs relating to— 
(i) international treaties and agree-
ments; 
(ii) Federal, State, and local policies; 
(iii) new technologies; 
(iv) changing markets; 
(v) reputational impacts relevant to 
changing consumer behavior; and 
(vi) litigation; and 
(B) a loss in the value, or the stranding, 
of assets due to any of the costs described in 
clauses (i) through (vi) of subparagraph (A). 
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(10) VALUE CHAIN.—The term ‘‘value chain’’— 
(A) means the total lifecycle of a product 
or service, both before and after production of 
the product or service, as applicable; and 
(B) may include the sourcing of materials, 
production, and disposal with respect to the 
product or service described in subparagraph 
(A). 
SEC. 4. CLIMATE RISK SCENARIO TECHNICAL DEVELOP-
MENT GROUP. 
(a) ESTABLISHMENT.—The Board of Governors shall 
establish a technical advisory group to be known as the 
Climate Risk Scenario Technical Development Group. 
(b) MEMBERSHIP.— 
(1) COMPOSITION.—The Technical Develop-
ment Group shall be composed of 10 members— 
(A) 5 of whom shall be climate scientists; 
and 
(B) 5 of whom shall be economists, with 
expertise in either the United States financial 
system or the risks posed by climate change. 
(2) SELECTION.—The Board of Governors shall 
select the members of the Technical Development 
Group after consultation with the climate science 
leads. 
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(c) DUTIES.—The Technical Development Group 
shall— 
(1) provide recommendations to the Board of 
Governors regarding the development of, and up-
dates to, the climate change risk scenarios under 
section 5; 
(2) after the establishment of the climate 
change risk scenarios under section 5, determine the 
financial and economic risks resulting from those 
scenarios; 
(3) make any final work product and any data 
sets or other inputs used in the development of the 
final work product, publicly available; and 
(4) provide technical assistance to covered enti-
ties in assessing physical risks or transition risks. 
(d) INAPPLICABILITY OF FEDERAL ADVISORY COM-
MITTEE ACT.—The Federal Advisory Committee Act (5 
U.S.C. App.) shall not apply with respect to the Technical 
Development Group. 
SEC. 5. DEVELOPMENT AND UPDATING OF CLIMATE 
CHANGE RISK SCENARIOS. 
(a) IN GENERAL.— 
(1) INITIAL DEVELOPMENT.—Not later than 1 
year after the date of enactment of this Act, the 
Board of Governors, in coordination with the climate 
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science leads, and taking into consideration the rec-
ommendations of the Technical Development Group, 
shall develop 3 separate climate change risk sce-
narios as follows: 
(A) One scenario that assumes an average 
increase in global temperatures of 1.5 degrees 
Celsius above pre-industrial levels. 
(B) One scenario that assumes an average 
increase in global temperatures of 2 degrees 
Celsius above pre-industrial levels. 
(C) One scenario that— 
(i) assumes the likely and very likely 
average increase in global temperatures 
that can be expected, taking into consider-
ation the extent to which national policies 
and actions relating to climate change have 
been implemented, as of the date on which 
the scenario is developed, or on which the 
scenario is updated under paragraph (2), 
as applicable; and 
(ii) does not take into consideration 
commitments for policies and actions relat-
ing to climate change that, as of the appli-
cable date described in clause (i), have not 
been implemented. 
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(2) UPDATES.—After the initial development of 
the climate change risk scenarios under paragraph 
(1), the Board of Governors, in coordination with 
the climate science leads, and taking into consider-
ation the recommendations of the Technical Devel-
opment Group, shall update those scenarios once 
every 3 years. 
(3) INTERNATIONAL COORDINATION.—In devel-
oping and updating the 3 scenarios required under 
this subsection, the Board of Governors shall take 
into consideration analytic tools and best practices 
developed by international banking supervisors relat-
ing to climate risks and scenario analysis in an ef-
fort to develop consistent and comparable data-driv-
en scenarios. 
(4) RECOMMENDATIONS.—If the Technical De-
velopment Group determines that the average in-
crease in global temperatures described in subpara-
graph (A) or (B) of paragraph (1) is no longer sci-
entifically valid, the Technical Development Group 
may recommend that the Board of Governors, in co-
ordination with the climate science leads, update the 
average increase in global temperatures described in 
the applicable subparagraph to reflect the most cur-
rent assessment of climate change science. 
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(b) CONSIDERATIONS.—In developing and updating 
each of the 3 scenarios required under subsection (a), the 
Board of Governors, in coordination with the climate 
science leads, shall account for physical risks and transi-
tion risks that may disrupt business operations across the 
global economy, including through— 
(1) disruptions with respect to— 
(A) the sourcing of materials; 
(B) production; and 
(C) the disposal of products and services; 
(2) changes in the availability and prices of raw 
materials and other inputs; 
(3) changes in agricultural production and with 
respect to food security; 
(4) direct damages to fixed assets; 
(5) increases in costs associated with insured or 
uninsured losses; 
(6) changes in asset values; 
(7) impacts on— 
(A) aggregate demand for products and 
services; 
(B) labor productivity; 
(C) asset liquidity; and 
(D) credit availability; 
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(8) mass migration and increases in disease and 
mortality rates; 
(9) international conflict, as such conflict re-
lates to global economic activity and output; and 
(10) changes in any other microeconomic or 
macroeconomic condition that the Board of Gov-
ernors, in coordination with the climate science 
leads, determines to be relevant. 
SEC. 6. CLIMATE-RELATED ENHANCED SUPERVISION FOR 
CERTAIN NONBANK FINANCIAL COMPANIES 
AND BANK HOLDING COMPANIES. 
Section 165(i)(1) of the Financial Stability Act of 
2010 (12 U.S.C. 5365(i)(1)) is amended— 
(1) in subparagraph (B)(i), by inserting ‘‘except 
as provided in subparagraph (C)(ii)(I),’’ before 
‘‘shall provide’’; and 
(2) by adding at the end the following: 
‘‘(C) BIENNIAL TESTS REQUIRED.— 
‘‘(i) DEFINITIONS.—In this subpara-
graph— 
‘‘(I) the term ‘capital distribu-
tion’ has the meaning given the term 
in section 225.8(d)(4) of title 12, 
Code of Federal Regulations, as in ef-
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fect on the date of enactment of this 
subparagraph; 
‘‘(II) the term ‘capital policy’ has 
the meaning given the term in section 
225.8(d)(7) of title 12, Code of Fed-
eral Regulations, as in effect on the 
date of enactment of this subpara-
graph; and 
‘‘(III) the terms ‘climate science 
leads’ and ‘covered entity’ have the 
meanings given those terms in section 
3 of the Climate Change Financial 
Risk Act of 2021. 
‘‘(ii) TESTS.— 
‘‘(I) IN
GENERAL.—Subject to 
the other requirements of this clause, 
the Board of Governors, in coordina-
tion with the appropriate primary fi-
nancial regulatory agencies and the 
climate science leads, shall conduct bi-
ennial analyses in which each covered 
entity is subject to evaluation, under 
an adverse set of conditions, of wheth-
er that covered entity has the capital, 
on a total consolidated basis, nec-
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essary to absorb financial losses that 
would arise under each climate change 
risk scenario developed under section 
5 of the Climate Change Financial 
Risk Act of 2021. 
‘‘(II) INITIAL
TESTS.—With re-
spect to each of the first 3 analyses 
conducted under subclause (I)— 
‘‘(aa) the covered entity to 
which such an analysis applies 
shall not be subject to any ad-
verse consequences as a result of 
the analysis; and 
‘‘(bb) the Board of Gov-
ernors shall— 
‘‘(AA) not later than 60 
days after the date on which 
the 
Board 
of 
Governors 
completes each such anal-
ysis, make a summary of the 
analysis publicly available; 
and 
‘‘(BB) submit a copy of 
the results of the analysis to 
the Committee on Banking, 
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Housing, and Urban Affairs 
of the Senate and the Com-
mittee on Financial Services 
of the House of Representa-
tives. 
‘‘(III) CLIMATE
RISK
REMEDI-
ATION PLAN.— 
‘‘(aa) IN GENERAL.—Except 
with respect to the first analysis 
conducted under subclause (I), 
each covered entity shall, before 
being subject to an analysis 
under that subclause, submit to 
the Board of Governors a remedi-
ation plan with respect to climate 
risk planning (referred to in this 
subclause as a ‘climate risk reme-
diation plan’), which shall be 
based on the results of the most 
recently conducted analysis of the 
covered entity under that sub-
clause. 
‘‘(bb) CONTENTS.—Each cli-
mate risk remediation plan re-
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quired under item (aa) shall in-
clude— 
‘‘(AA) a capital policy 
with respect to climate risk 
planning; and 
‘‘(BB) qualitative and 
quantitative targets for bal-
ance sheet and off-balance 
sheet exposures, and other 
business 
operations, 
that 
remedy vulnerabilities identi-
fied in the most recently 
conducted analysis of the 
applicable 
covered 
entity 
under subclause (I). 
‘‘(cc) 
REJECTION.—Except 
as provided in subclause (II)(aa), 
the Board of Governors may ob-
ject to a climate risk remediation 
plan submitted by a covered enti-
ty under item (aa) if the Board 
of Governors determines that— 
‘‘(AA) the covered enti-
ty has not demonstrated a 
reasonable plan to maintain 
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ation plan submitted by a cov-
ered entity under item (aa), the 
covered entity may not make any 
capital distribution, other than a 
capital distribution arising from 
the issuance of a regulatory cap-
ital instrument eligible for inclu-
sion in the numerator of a min-
imum regulatory capital ratio.’’. 
SEC. 7. SUB-SYSTEMIC EXPLORATORY SURVEY. 
(a) DEVELOPMENT OF SURVEY.—The Board of Gov-
ernors, in consultation with the Comptroller of the Cur-
rency and the Board of Directors of the Federal Deposit 
Insurance Corporation, shall develop an exploratory survey 
to assess— 
(1) the ability of surveyed entities, including ag-
ricultural banks, community banks, and other finan-
cial institutions with a significant concentration of 
business activities in certain geographical areas or 
industries, to withstand each climate risk scenario 
developed under section 5; and 
(2) how surveyed entities plan to make adapta-
tions to the business models and capital planning of 
those entities in response to the risks presented in 
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each climate change risk scenario developed under 
section 5. 
(b) ADMINISTRATION OF SURVEY.— 
(1) INITIAL ADMINISTRATION.— 
(A) IN GENERAL.—Not later than 1 year 
after the completion of the first analysis under 
subparagraph (C) of section 165(i)(1) of the Fi-
nancial Stability Act of 2010 (12 U.S.C. 
5365(i)(1)), as added by section 6 of this Act, 
the Board of Governors shall administer the 
survey developed under subsection (a) to each 
surveyed entity. 
(B) ASSESSMENT AND REPORT.—Not later 
than 18 months after the date on which the 
Board of Governors completes the administra-
tion of the survey under subparagraph (A), the 
Board of Governors shall— 
(i) assess the responses to the survey; 
and 
(ii) publicly release a report that sum-
marizes the results of the survey, which 
shall include the analysis of the Board of 
Governors regarding whether the planned 
actions of the surveyed entities to which 
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the survey was administered, in the aggre-
gate— 
(I) are plausible; and 
(II) would be effective. 
(2) SUBSEQUENT ADMINISTRATION.— 
(A) IN GENERAL.—After the release of the 
report required under paragraph (1)(B)(ii), the 
Board of Governors shall, on a biennial basis, 
administer to each surveyed entity the survey 
developed under subsection (a). 
(B) SUBSEQUENT
REPORT.—Not later 
than 180 days after the date on which each sur-
vey administered under subparagraph (A) is 
completed, the Board of Governors shall pub-
licly release a report that summarizes the re-
sults of the survey, which shall include the anal-
ysis described in paragraph (1)(B)(ii). 
(c) EFFECT OF SURVEY PARTICIPATION.— 
(1) IN GENERAL.—With respect to a surveyed 
entity to which any survey under this section is ad-
ministered— 
(A) subject to paragraph (2), the entity 
shall not be subject to any adverse consequence 
on the basis of a response provided by the enti-
ty to the survey; and 
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(B) in any report released with respect to 
the survey, the Board of Governors may not 
identify any individual response submitted by 
the entity to the survey. 
(2) RULE
OF
CONSTRUCTION.—Nothing in 
paragraph (1)(A) may be construed to preclude the 
Board of Governors from pursuing an enforcement 
action against a surveyed entity because of a viola-
tion discovered by the Board of Governors during an 
examination of the surveyed entity that is inde-
pendent of a survey administered under this section. 
SEC. 8. FINANCIAL STABILITY OVERSIGHT COUNCIL. 
(a) IN GENERAL.—The Financial Stability Oversight 
Council shall establish a committee of the Council that 
shall support the Council in identifying risks to, and in 
responding to emerging threats to, the stability of the 
United States financial system as a result of climate 
change. 
(b) RESPONSIBILITIES.— 
(1) COMMITTEE.—The committee established 
under subsection (a) shall, not later than 1 year 
after the completion of the first analysis required 
under subparagraph (C) of section 165(i)(1) of the 
Financial Stability Act of 2010 (12 U.S.C. 
5365(i)(1)), as added by section 6 of this Act, and 
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in consultation with the Office of Financial Re-
search, submit to Congress an assessment of the risk 
posed by climate change to the efficiency, competi-
tiveness, and stability of the United States financial 
system as a whole. 
(2) COUNCIL.—For each year after the year in 
which the assessment required under paragraph (1) 
is submitted, the Financial Stability Oversight Coun-
cil shall include in the annual report required under 
section 112(a)(2)(N) of the Financial Stability Act 
of 2010 (12 U.S.C. 5322(a)(2)(N)) an update to 
that assessment. 
(c) COMPOSITION.—The committee established under 
subsection (a) shall be composed of— 
(1) the Chairman of the Board of Governors; 
(2) the Secretary of the Treasury; 
(3) the Comptroller of the Currency; 
(4) the Chairperson of the Board of Directors 
of the Federal Deposit Insurance Corporation; 
(5) the Chairman of the Securities and Ex-
change Commission; 
(6) the Chairperson of the Commodity Futures 
Trading Commission; and 
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(7) any other voting or nonvoting members that 
the Financial Stability Oversight Council determines 
to be appropriate. 
Æ 
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