(B) in clause (v), by striking the period 
and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(vi) emissions reduction plans in ac-
cordance with section 15 of the Bank 
Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.).’’. 
SEC. 4. REPORTS. 
(a) INITIAL REPORT.—Not later than July 1, 2022, 
the Board of Governors of the Federal Reserve System 
shall submit a report to Congress that— 
(1) identifies current level of financed green-
house gas emissions (as defined in section 15 of the 
Bank Holding Company Act of 1956) in the finan-
cial system of the United States; 
(2) includes an analysis of trends in financed 
greenhouse gas emissions reductions; 
(3) includes a summary of the commitments of 
covered bank holding companies (as defined in sec-
tion 15 of the Bank Holding Company Act of 1956) 
to reduce financed greenhouse gas emissions; 
(4) includes projections of estimated tempera-
ture rise through January 1, 2100, based on latest 
climate science— 
(A) if current emission trends continue; or 
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(B) if bank holding companies meet vol-
untary financed greenhouse gas emissions goals; 
(5) estimates the financed greenhouse gas emis-
sions in the financial system of the United States 
needed to meet science-based emissions targets (as 
defined in section 15 of the Bank Holding Company 
Act of 1956); 
(6) identifies regulatory gaps in reducing fi-
nanced greenhouse gas emissions that cannot be ad-
dressed with authorities of the Board and rec-
ommendations for addressing such gaps; 
(7) identifies data quality challenges for assess-
ing financed greenhouse gas emissions and rec-
ommendations to address those challenges; 
(8) identifies the equitable transition needs for 
workers and communities that will be impacted by a 
shift to a zero financed greenhouse gas emissions 
economy; 
(9) analyzes— 
(A) the number and groups of people af-
fected by a transition to zero financed green-
house gas emissions; and 
(B) the economic impact of such a transi-
tion with respect to such groups; and 
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(10) identifies regulatory and legislative options 
for mitigating the economic impacts described in 
paragraph (9)(B), including— 
(A) the use of existing authorities, includ-
ing the Community Reinvestment Act of 1977 
(12 U.S.C. 2901 et seq.) and emergency lend-
ing powers under section 13 of the Federal Re-
serve Act (12 U.S.C. 342); and 
(B) the establishment of a public invest-
ment bank to finance investment in an equi-
table transition to a zero financed greenhouse 
gas emissions economy. 
(b) PERIODIC REPORT.—Not later than July 1, 
2024, and not less than once every 2 years thereafter, the 
Board of Governors of the Federal Reserve System shall 
submit a report to Congress that includes— 
(1) an analysis of the progress against aligning 
with financed greenhouse gas emissions targets; 
(2) the projections described in subsection 
(a)(4); and 
(3) an analysis of the progress made in the pre-
ceding 2 years towards an equitable transition to a 
zero financed greenhouse gas emissions economy; 
and 
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(4) recommendations with respect to assistance 
Congress and other Federal agencies may provide 
to— 
(A) facilitate a reduction of financed 
greenhouse gas emissions; and 
(B) support an equitable transition to a 
zero financed greenhouse gas emissions econ-
omy. 
(c) COLLECTION OF DATA.—The Board of Governors 
of the Federal Reserve System shall collect such data as 
needed from bank holding companies to carry out the re-
ports under this section. 
Æ 
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