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H.R. 2823 · Where this bill is now

In committee

Introduced in the House, sent 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, Apr 10, 2025

What this bill does

In plain words · AI-written from the official summary

Requires climate risk stress tests for large banks

The Federal Reserve would have to check whether large banks and financial companies have enough money set aside to handle financial losses from climate change. Every two years, these institutions would be evaluated against different climate scenarios, and they'd have to create plans showing how they'd protect themselves. If the Fed doesn't approve their plan, the companies can't distribute money to shareholders until they fix the problems.

How it affects you

If you own stock in or have investments with large financial institutions, this could affect how much money they're able to return to shareholders. The main change is for the banks and investment companies themselves, which would need to prove they can weather climate-related financial stress.

Read the official summary (Introduced in House, Apr 10, 2025)

Climate Change Financial Risk Act of 2025

This bill addresses climate change risk and its potential impact on the financial system.

The Federal Reserve Board must develop financial risk analyses relating to climate change for certain large nonbank financial companies and bank holding companies. Specifically, these entities must be evaluated every two years on whether they have the capital necessary to absorb financial losses that would arise under several different climate change risk scenarios. In response to the results of the evaluation, entities must develop and submit for approval a climate risk resolution plan. The plan must include a capital policy with respect to climate risk planning and targets to remedy identified vulnerabilities. If the plan is not approved, the entity’s ability to make capital distributions is restricted.

The bill also establishes the Climate Risk Scenario Technical Development Group to provide recommendations to the board regarding climate change risk scenarios, and determine the financial and economic risks of these scenarios.

The board must develop a survey to assess (1) the ability of other large financial institutions to withstand each scenario, (2) which surveyed entities have activities in geographical areas or industries that are significantly exposed to the impacts of climate change, and (3) how these surveyed entities plan to adapt to risks presented in each scenario.

Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.

119th Congress
1st SessionH. R. 2823

A BILL

Climate Change Financial Risk Act of 2025

In the HouseNo vote yet

Sponsor: Rep. Sean Casten (D-IL-6) · Introduced Apr 10, 2025 · Finance and Financial Sector · 1 version of the text

Read the full billOfficial record on Congress.gov ↗

Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Apr 10, 2025: “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.”

Sections

Sections · 7