Sub-systemic exploratory survey

(a) Development of survey The Board of Governors, in consultation with the Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, shall develop a survey to assess— (1) the ability of surveyed entities to withstand each climate risk scenario developed under section 5; (2) which surveyed entities possess a large concentration of business activities in geographical areas or industries that are significantly exposed to the short- and long-term impacts of climate change; and (3) how the surveyed entities identified under paragraph (2) plan to make adaptations to the business models and capital planning of those entities in response to the risks presented in each climate change risk scenario developed under section 5. (b) Administration of survey (1) Initial administration (A) In general Not later than 1 year after the completion of the first analysis under 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, the Board of Governors, in consultation with the Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, shall administer the survey developed under subsection (a) to each surveyed entity. (B) Assessment and report Not later than 18 months after the date on which the Board of Governors completes the administration of the survey under subparagraph (A), the Board of Governors shall publicly release a report that— (i) summarizes the results of the survey; and (ii) analyzes whether the planned actions of the surveyed entities, in the aggregate, are plausible and would be effective. (2) Subsequent administration (A) In general Not later than 2 years after the date on which the Board of Governors releases the report required under paragraph (1)(B), and biennially thereafter, the Board of Governors shall readminister to each surveyed entity the survey developed under subsection (a). (B) Subsequent report Not later than 180 days after the date on which each survey described under subparagraph (A) is completed, the Board of Governors shall publicly release a report that summarizes the results of the survey, which shall include the analysis described in paragraph (1)(B)(ii). (c) Effect of survey participation In any report released with respect to a survey conducted under this section, the Board of Governors may not identify any individual surveyed entity that responded to the survey. (d) Rule of construction Nothing in this section may be construed to preclude the Board of Governors from pursuing an enforcement action against a surveyed entity because of a violation discovered by the Board of Governors during an examination of the surveyed entity that is independent of a survey administered under this section.