,,ii #aagth ,,congress #b;d ,session ,s4 #ebfd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #ae1 #bjbb,mr4 ,merkley introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,bank ,holding ,company ,act of #aief to prohibit bank holding companies from facilitating fossil fuel production from new sources1 or from facilitating transactions that would provide funds for the construction of 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 #bjbb4 #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 terms exchange1 issuer1 and security have the meanings given those terms in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7#b7 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,a71 7,b71 or 7,c72 7#c7 the term fossil fuel means coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas1 that is used for fuel1 including hydrogen combined with any such derivative2 7#d7 the term fossil infrastructure means fossil fuel-related projects1 including wells1 rail infrastructure1 pipelines1 terminals1 refineries1 and power plants2 7#e7 the term national securities exchange means an exchange registered as a national securities exchange in accordance with section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f72 7#f7 the term new sources means-- 7,a7 any production in excess of proven developed producing reserves of fossil fuels1 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 7#g7 the term production means extractive or production activities that result in fossil fuels being made available for refining or use2 and 7#h7 the term publicly traded entity means an issuer1 the securities of which are listed on a national securities exchange4 7b7 ,prohibition ,no financial company may facilitate production1 including by-- 7#a7 making 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 making 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 arrange1 or facilitate a transaction that provides funds for1 production with respect to new sources2 7#d7 securitizing assets that provide funds for production with respect to new sources2 7#e7 entering into a derivatives transaction designed to provide funding for1 facilitate1 or hedge risks from production with respect to new sources2 7#f7 engaging in any activity that is complementary to a financial activity involving production with respect to new sources1 including financing the international trade of production with respect to new sources2 or 7#g7 engaging in any other form of activity defined by regulators or supervisors of the financial company4 7c7 ,compliance program 7#a7 ,in general ,each financial company shall maintain policies and procedures reasonably designed to ensure that relationships with customers or counterparties do not facilitate production with respect to 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 7d7 ,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 issuer or publicly traded entity4 7#c7 ,civil monetary penalty ,any financial company that violates1 and any individual who participates in a violation of1 any provision of this section1 or any regulation or order issued under this section1 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 4