,,ii  #aag? ,,congress  #a/ ,session    
,s4 #ehh  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #d1 #bjba,mrs4    
,fe9/e9 7= h]self1 ,ms4 ,cortez ,ma/o1  
,mr4 ,padilla1 ,mr4 ,s*atz1 ,ms4 ,w>r51 
,mr4 ,he9ri*1 & ,mr4 ,m]kley7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,bank+1 ,h\s+1 &    
,urban ,affairs  ,a ,,bill  ,to e/abli% 
! ,advisory ,committee on ,climate ,risk
 on ! ,f9ancial ,/ability ,ov]sight     
,c\ncil4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,address+ ,climate ,f9ancial
 ,risk ,act ( #bjba4  #b4 ,advisory     
,committee on ,climate ,risk  7a7 ,9    
g5]al ,subtitle ,a ( ! ,f9ancial        
,/ability ,act ( #bjaj 7#ab ,u4,s4,c4   
#ecba et seq47 is am5d$ by ins]t+ aft]  
section #aba 7#ab ,u4,s4,c4 #ecca7 !    
foll[+3  #aba;,a4 ,advisory ,committee  
on ,climate ,risk  7a7 ,e/abli%m5t ,!re 
is e/abli%$ 9 ! ,c\ncil ! ,climate ,risk
 ,advisory ,committee1 :i* %all-- 7#a7  
consult ) ! ,c\ncil 9 ! draft+ by !     
,c\ncil ( an annual report on climate   

risk requir$ "u subsection 7e7 & o!r    
climate risk matt]s2 &  7#b7 meet ) !   
,c\ncil n less frequ5tly ?an once p]    
ye>4  7b7 ,memb]%ip  7#a7 ,9 g5]al ,!   
,committee %all consi/ ( ! foll[+       
memb]s3 7,a7 ,f\r memb]s :o are climate 
sci5ce exp]ts1 ( :om-- 7i7 #a %all be   
appo9t$ by ! ,secret>y ( ,en]gy2  7ii7  
#a %all be appo9t$ by ! ,adm9i/rator ( !
 ,environm5tal ,protection ,ag5cy2 &    
7iii7 #b %all be appo9t$ by ! ,director 
( ! ,national ,sci5ce ,f\ndation4  7,b7 
,eight memb]s :o are exp]ts 9 climate   
economics or climate f9ancial risk      
appo9t$ by ! ,c\ncil1 ( :om n few] ?an  
#a memb] is ea* an exp]t 9-- 7i7        
insurance2  7ii7 capital m>kets2  7iii7 
bank+2  7iv7 int]national f9ancial      
m>kets2  7v7 h\s+2 &  7vi7 ! p]spective 
( asset own]s4  7#b7 ,prohibition ,no   
memb] ( ! ,committee may be employ$ by a
 company )9 ! jurisdiction ( a memb]    
ag5cy ( ! ,c\ncil4  7c7 ,t]m ,! memb]s (
 ! ,committee %all be appo9t$ = #c-ye>  
t]ms1 except t ! initial t]ms ( ! fir/  

memb]s ( ! ,committee %all be /agg]$ s  
t-- 7#a7 #d memb]s s]ve t]ms ( #c ye>s2 
7#b7 #d memb]s s]ve t]ms ( #b ye>s2 &   
7#c7 #d memb]s s]ve t]ms ( #a ye>s4  7d7
 ,consultation ,! ,c\ncil %all consult )
 ! ,committee 9 c>ry+ out ! requirem5ts 
( ?is section4  7e7 ,report on climate  
f9ancial risk ,n lat] ?an #bgj days aft]
 ! date ( enactm5t ( ?is section1 !     
,c\ncil %all1 9 coord9ation ) !         
,committee & ! ,deputies ,committee ( ! 
,c\ncil1 publi% a report t-- 7#a7       
assesses-- 7,a7 ! pot5tial impact (     
climate risk on ! f9ancial /ability ( ! 
,unit$ ,/ates2  7,b7 ! ext5t to :i*     
,f$]al & ,/ate f9ancial regulatory      
ag5cies h suffici5t exp]tise on climate 
risk2  7,c7 ! quality ( data available  
to ,c\ncil memb]s to prop]ly assess     
climate f9ancial risk & any gaps 9 data 
t exi/2  7,d7 ! ext5t to :i* sup]vis$   
f9ancial in/itutions are engag+ 9 s\nd  
climate risk managem5t2  7,e7 ! degree (
 coord9ation among ,f$]al & ,/ate       
f9ancial regulatory ag5cies on climate  

risk2  7,f7 ! degree ( coord9ation by   
,f$]al & ,/ate f9ancial regulatory      
ag5cies ) int]national f9ancial         
regulatory au?orities on climate        
f9ancial risk2  7,g7 h[ ,u4,s4 climate  
f9ancial risk disclosure requirem5ts    
comp>e to climate f9ancial risk         
disclosure regimes 9 o!r c\ntries & to  
o!r regimes t are available2 &  7,h7 any
 o!r areas ! ,c\ncil believes are       
important2 &  7#b7 provides             
recomm5dations bas$ on ! assessm5ts 9   
p>agraph 7#a7 to ,f$]al & ,/ate f9ancial
 regulatory ag5cies & to ,congress on h[
 to improve ! ability ( ! f9ancial      
regulatory sy/em 9 ! ,unit$ ,/ates to   
id5tify & mitigate climate f9ancial     
risk4  7f7 ,memb] ag5cies ,ea* memb]    
ag5cy %\ld develop & make publicly      
available a /rategy to id5tify &        
mitigate climate f9ancial risk )9 !     
jurisdiction ( ! memb] ag5cy4  7g7      
,coord9ation ,! ,c\ncil %\ld-- 7#a7     
facilitate ! %>+ ( be/ practices on     
climate f9ancial risk across ag5cies2 & 

7#b7 assign ! ,(fice ( ,f9ancial ,rese>*
 to conduct ongo+ rese>* into climate   
f9ancial risk4  7h7 ,inclusion 9 annual 
report ,! ,c\ncil %all include a section
 on climate f9ancial risk 9-- 7#a7 !    
annual report ( ! ,c\ncil to ,congress2 
&  7#b7 if relevant1 9 any o!r report to
 ,congress4  4  7b7 ,te*nical & con=m+  
am5dm5t ,! table ( cont5ts ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 9 section     
#a7;b7 ( t ,act is am5d$ by ins]t+ aft] 
! item relat+ to section #aba ! foll[+3 
,sec4 #aba;,a4 ,advisory ,committee on  
,climate ,risk4  4  #c4 ,update on      
sup]visory guidance on climate risk  7a7
 ,def9ition ,9 ?is section1 ! t]m ,f$]al
 bank+ ag5cy has ! mean+ giv5 ! t]m 9   
section #b ( ! ,dodd-,frank ,wall ,/reet
 ,re=m & ,consum] ,protection ,act 7#ab 
,u4,s4,c4 #ecja74  7b7 ,update ,ea*     
,f$]al bank+ ag5cy & ! ,national ,cr$it 
,union ,adm9i/ration %all update        
applicable sup]visory guidance to       
include climate risk1 includ+ cr$it1    

liquidity1 m>ket1 op]ational1 &         
reputational risk to ensure t sup]vis$  
f9ancial in/itutions appropriately      
id5tify & mitigate climate f9ancial     
risk4  7c7 ,coord9ation ,! ,f$]al       
,f9ancial ,in/itutions ,exam9ation      
,c\ncil %all ensure t ! guidance updat$ 
"u subsection 7b7 is-- 7#a7             
appropriately coord9at$ among ! ,f$]al  
bank+ ag5cies & ! ,national ,cr$it      
,union ,adm9i/ration2 &  7#b7 %>$ )     
,/ate regulators4  #d4 ,update nonbank  
,,sifi designation guidance ,! ,f9ancial
 ,/ability ,ov]sight ,c\ncil %all update
 subp>t ,b ( "p #acaj ( title #ab1 ,code
 ( ,f$]al ,regulations1 to specify h[ ! 
,c\ncil w incorporate climate risk into 
det]m9ations describ$ 9 t subp>t4  #e4  
,,fio report on insurance regulation &  
climate risk ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ?is ,act1 ! ,f$]al    
,insurance ,(fice %all publi% a report  
t-- 7#a7 assesses ! pot5tial impact (   
climate f9ancial risk on ! insurance    
sector 9 ! ,unit$ ,/ates2 &  7#b7       

recomm5ds ways to mod]nize & improve !  
sy/em ( climate risk insurance          
regulation 9 ! ,unit$ ,/ates4  #f4      
,improve global coord9ation ,x is ! s5se
 ( ,congress t relevant ,f$]al f9ancial 
regulatory ag5cies & ! ,dep>tm5t ( !    
,treasury1 if relevant1 %\ld-- 7#a7 jo9 
! ,network = ,gre5+ ! ,f9ancial ,sy/em &
 o!r int]national organizations focus$  
on climate f9ancial risk2  7#b7 =mally  
jo9 ! ,task ,=ce on ,climate-,relat$    
,f9ancial ,risks ( ! ,basel ,committee  
on ,bank+ ,sup]vision2 &  7#c7 "w )     
int]national regulators on climate      
f9ancial risk :5ev] possible1 consi/5t )
 ,unit$ ,/ates law4