Climate Risk Scenario Technical Development 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 Development Group shall be composed of 10 members— (A) 5 of whom shall be climate scientists, with a demonstrated record of peer-reviewed publications and professional contributions to climate modeling, climate risk assessment, or related areas; and (B) 5 of whom shall be economists, with expertise in either the United States financial system or the financial 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. (c) Duties The Technical Development Group shall— (1) provide recommendations to the Board of Governors regarding the development of, and updates 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 information used in the development of the final work product, publicly available; (4) provide technical assistance to covered entities in assessing physical risks or transition risks; and (5) provide publicly available resources to entities that are not covered entities to help those entities assess physical risks and transition risks. (d) Prohibition on compensation Members of the Technical Development Group shall serve without pay. (e) Inapplicability of chapter 10 of title 5, United States Code Chapter 10 of title 5, United States Code, shall not apply with respect to the Technical Development Group.