HR 5253 · 117th Congress · Finance and Financial Sector

Fossil Free Finance Act

Introduced 2021-09-14· Sponsored by Rep. Jones, Mondaire [D-NY-17]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2021-09-14)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (20)

20 Democrats
Rep. Pressley, Ayanna [D-MA-7]MA
Rep. Tlaib, Rashida [D-MI-13]MI
Rep. Espaillat, Adriano [D-NY-13]NY
Rep. Newman, Marie [D-IL-3]IL
Rep. Torres, Ritchie [D-NY-15]NY
Rep. Garcia, Jesus G. "Chuy" [D-IL-4]IL
Rep. Huffman, Jared [D-CA-2]CA
Rep. Ocasio-Cortez, Alexandria [D-NY-14]NY
Rep. Cleaver, Emanuel [D-MO-5]MO
Rep. Bowman, Jamaal [D-NY-16]NY
Rep. Bush, Cori [D-MO-1]MO
Rep. Nadler, Jerrold [D-NY-10]NY
Rep. Takano, Mark [D-CA-41]CA
Rep. Meng, Grace [D-NY-6]NY
Rep. Jayapal, Pramila [D-WA-7]WA
Rep. Khanna, Ro [D-CA-17]CA
Rep. McGovern, James P. [D-MA-2]MA
Rep. Watson Coleman, Bonnie [D-NJ-12]NJ
Rep. Lee, Barbara [D-CA-13]CA
Rep. Raskin, Jamie [D-MD-8]MD