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. (3) Climate science leads The term climate science leads means— (A) the Administrator of the National Oceanic and Atmospheric Administration; (B) the Administrator of the Environmental Protection Agency; (C) the Secretary of Energy; (D) the Assistant Secretary for the Office of International Affairs of the Department of Energy; (E) the Administrator of the National Aeronautics and Space Administration; (F) the Assistant Secretary for the Bureau of Oceans and International Environmental and Scientific Affairs of the Department of State; (G) the Director of the United States Geological Survey; (H) the Secretary of the Interior; (I) the Director of the National Climate Assessment; (J) the individual from the United States elected to the Intergovernmental Panel on Climate Change Bureau; (K) the Permanent Representative of the United States to the World Meteorological Organization; and (L) the head of any other Federal agency that the Board of Governors determines to be appropriate. (4) Covered entity The term covered entity 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— (i) that has not less than $100,000,000,000 in total consolidated assets; 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 consideration— (aa) the capital structure, riskiness, complexity, financial activities, and size of the company, including the financial activities of any subsidiary of the company; and (bb) any other risk-related factor that the Board of Governors determines to be appropriate. (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, operations, or value chains that result from exposure to physical, climate-related effects, including from— (A) increased average global temperatures; (B) increased severity and frequency of extreme 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 bank holding company, nonbank financial company, or other entity that— (A) is supervised by the Board of Governors, the Office of the Comptroller of the Currency, or the Federal Deposit Insurance Corporation; (B) has total consolidated assets of not less than $10,000,000,000; and (C) 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(a). (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 agreements; (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 subparagraph (A). (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).