,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dhce  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #ba   
7legislative day1 ,october #ai71        
#bjbj,mr4 ,merkley introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to prohibit bank holding       
companies from facilitating fossil fuel 
production from new sources or new or   
expanded fossil infrastructure that     
would drive such production1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,protecting    
,america's ,economy from the ,carbon    
,bubble ,act of #bjbj4  #b4 ,prohibition
 on facilitating fossil fuel production 
from new sources ,the ,bank ,holding    
,company ,act of #aief 7#ab ,u4,s4,c4   
#ahda et seq47 is amended by adding at  
the end the following3  #ae4            
,prohibition on facilitating fossil fuel
 production from new sources  7a7       
,definitions ,in this section-- 7#a7 the

 term financial company means-- 7,a7 a  
bank holding company1 savings and loan  
holding company1 or similar institution2
  7,b7 a foreign banking organization or
 company that is treated as a bank      
holding company under this ,act2  7,c7  
an insured depository institution1 a    
thrift institution1 a savings           
association1 an industrial loan company1
 or similar institution2 or  7,d7 any   
subsidiary1 agency1 or affiliate of an  
entity described in subparagraph 7,a7 or
 7,b72  7#b7 the term fossil fuel means 
coal1 petroleum1 natural gas1 or any    
derivative of coal1 petroleum1 or       
natural gas that is used for fuel2  7#c7
 the term fossil infrastructure means   
fossil fuel-related projects1 including 
wells1 rail infrastructure1 pipelines1  
terminals1 refineries1 and power plants2
  7#d7 the term new sources means-- 7,a7
 any production in excess of proven     
developed producing reserves of fossil  
fuels as of the date of enactment of    
this section2 or  7,b7 new or expanded  

fossil infrastructure that would        
facilitate the production described in  
subparagraph 7,a72 and  7#e7 the term   
production means extractive or          
production activities that result in    
fossil fuels being made available for   
refining or use4  7b7 ,prohibition ,no  
financial company may facilitate fossil 
fuel production1 including by-- 7#a7    
providing loans to1 making investments  
in1 or otherwise engaging in any        
activity that is financial in nature1 or
 incidental to such financial activity1 
with a fossil fuel company2  7#b7       
providing loans to1 making investments  
in1 or otherwise engaging in any        
activity that is financial in nature1 or
 incidental to such financial activity1 
for a fossil fuel project2  7#c7 taking 
compensation to arrange or facilitate a 
transaction that provides funds for     
fossil fuel production from new sources2
  7#d7 securitizing assets that provide 
funds for fossil fuel production from   
new sources2  7#e7 entering into a      

derivatives transaction designed to     
provide funding for1 facilitate1 or     
hedge risks from fossil fuel production 
from new sources2  7#f7 engaging in any 
activity that is complementary to a     
financial activity involving fossil fuel
 production from new sources1 including 
financing the international trade       
thereof2 or  7#g7 any other form of     
activity defined by regulators or       
supervisors of the financial company4   
7c7 ,penalties  7#a7 ,criminal penalty  
7,a7 ,in general ,whoever knowingly     
violates any provision of this section  
or1 being a company1 violates any       
regulation or order issued by the ,board
 under this section1 shall be imprisoned
 not more than #a year1 fined not more  
than #a1jjj1jjj per day for each day    
during which the violation continues1 or
 both4  7,b7 ,intent to deceive1        
defraud1 or profit ,whoever1 with the   
intent to deceive1 defraud1 or profit   
significantly1 knowingly violates any   
provision of this section shall be      

imprisoned not more than #e years1 fined
 not more than #e1jjj1jjj per day for   
each day during which the violation     
continues1 or both4  7#b7 ,prohibition  
on employment ,any individual who       
knowingly violates any provision of this
 section shall be banned from future    
employment with any bank holding company
 or publicly traded corporation4  7#c7  
,civil monetary penalty ,any company    
that violates1 and any individual who   
participates in a violation of1 any     
provision of this section1 or any       
regulation or order issued pursuant     
thereto1 shall forfeit all revenues     
associated with such a violation and pay
 an additional civil penalty of not more
 than #be1jjj for each day during which 
the violation continues4  7d7           
,compliance program  7#a7 ,in general   
,banking organizations shall maintain   
policies and procedures reasonably      
designed to ensure that relationships   
with customers or counterparties do not 
facilitate fossil fuel production from  

new sources4  7#b7 ,attestation ,the    
chief executive officer of each         
financial company shall comply with an  
attestation for compliance with this    
section1 subject to such rules as the   
,board may prescribe that shall be no   
less strict than those set forth under  
section #cea4bj7;c7 of title #ab1 ,code 
of ,federal ,regulations1 or any        
successor regulation4  7#c7 ,supervision
 ,the appropriate ,federal banking      
agency shall supervise the policies and 
procedures described in this subsection 
and the implementation of those policies
 and procedures4  4