,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cgaa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #bh1 #bjbf,ms4 
,smi? 7= h]self1 ,mr4 ,m]kley1 ,ms4     
,w>r51 ,mr4 ,he9ri*1 ,mr4 ,van ,holl51 &
 ,mr4 ,padilla7 introduc$ ! foll[+ bill2
 :i* 0 read twice & ref]r$ to !         
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to e/abli% !      
,climate ,f9ancial ,risk ,committee &   
,climate ,f9ancial ,risk ,advisory      
,committee on ! ,f9ancial ,/ability     
,ov]sight ,c\ncil4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,address+ ,climate
 ,f9ancial ,risk ,act ( #bjbf4  #b4     
,f9ancial ,/ability ,ov]sight ,c\ncil   
committees on climate f9ancial 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 ,climate ,f9ancial    
,risk ,committee  7a7 ,e/abli%m5t ,!re  
is e/abli%$ 9 ! ,c\ncil ! ,climate      
,f9ancial ,risk ,committee1 :i* %all--  

7#a7 support ! ,c\ncil 9 id5tify+       
priority areas = assess+ & mitigat+     
climate-relat$ risks to ! f9ancial      
sy/em2  7#b7 s]ve z a coord9at+ body to 
%>e in=mation1 facilitate ! developm5t (
 common approa*es & /&>ds1 & facilitate 
communication across ,c\ncil memb]      
ag5cies2  7#c7 collaborate ) ! ,(fice ( 
,f9ancial ,rese>* to compile climate &  
f9ancial data f public s\rces & f memb] 
ag5cies ( ! ,c\ncil1 provide analytical 
tools & s(tw>e1 & o!rwise assi/ memb]   
ag5cies ( ! ,c\ncil 9 jo9tly analyz+    
pot5tial f9ancial /ability risks2 &     
7#d7 provide updates to ! ,c\ncil on !  
/atus ( ! ef=ts ( ! ,c\ncil & its memb] 
ag5cies to id5tify & address climate    
f9ancial risk1 includ+ relat$ to-- 7,a7 
incorporat+ climate f9ancial risk into  
regulatory & sup]visory programs2  7,b7 
improv+ data & me?odologies2  7,c7      
enhanc+ climate-relat$ disclosures2 &   
7,d7 assess+ climate-relat$ risks to !  
f9ancial /ability ( ! ,unit$ ,/ates4    
7b7 ,memb]%ip ,! ,climate ,f9ancial     

,risk ,committee %all consi/ ( /aff     
repres5tatives f ea* ( ! memb] ag5cies (
 ! ,c\ncil & %all be l$ by ! ,deputy    
,assi/ant ,secret>y ( ! ,c\ncil4  7c7   
,re/riction on t]m9ation ,! ,climate    
,f9ancial ,risk ,committee may n be     
t]m9at$ or modifi$ except pursuant to an
 ,act ( ,congress4  #aba;,b4 ,advisory  
,committee on ,climate ,risk  7a7       
,e/abli%m5t ,!re is e/abli%$ 9 ! ,c\ncil
 ! ,advisory ,committee on ,climate     
,risk1 :i* %all-- 7#a7 consult & assi/ !
 ,c\ncil ) ga!r+ in=mation on1 conduct+ 
analysis (1 & mak+ recomm5dations to    
id5tify1 assess1 & mitigate             
climate-relat$ risks to ! f9ancial      
sy/em1 & o!r duties t ! ,climate        
,f9ancial ,risk ,committee or ! ,c\ncil 
may assign2 &  7#b7 meet ) ! ,c\ncil on 
a bimon?ly basis4  7b7 ,memb]%ip ,!     
,advisory ,committee %all consi/ ( n m  
?an #cj memb]s z foll[s3 7#a7 ,eight    
memb]s :o are climate sci5ce exp]ts ) a 
demon/rat$ record ( pe]-review$         
publications & pr(essional contributions

 to climate model+1 climate f9ancial    
risk assessm5t1 or relat$ areas1 ( :om--
 7,a7 #b %all be appo9t$ by ! ,secret>y 
( ,en]gy2  7,b7 #b %all be appo9t$ by ! 
,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy2 &  7,c7 #d %all be  
appo9t$ by ! ,director ( ! ,national    
,sci5ce ,f\ndation4  7#b7 ,eight memb]s1
 to be appo9t$ by ! ,c\ncil1 :o are     
exp]ts 9 climate economics or climate   
f9ancial risk1 ( :om n few] ?an #a memb]
 is an exp]t 9 "o ( ! foll[+ areas3 7,a7
 ,insurance4  7,b7 ,capital m>kets4     
7,c7 ,bank+4  7,d7 ,int]national        
f9ancial m>kets4  7,e7 ,h\s+ f9ance4    
7,f7 ,! p]spective ( asset own]s4  7#c7 
,two memb]s f nongov]nm5tal rese>*      
in/itutions t (f] exp]tise 9            
environm5tal or clean en]gy policy1     
appo9t$ by ! ,c\ncil4  7#d7 ,two memb]s 
f consum] advocacy or labor union gr\ps1
 appo9t$ by ! ,director4  7#e7 ,f\r     
memb]s f inve/or networks or %>ehold]   
advocacy gr\ps1 appo9t$ by ! ,*airman ( 
! ,securities & ,ex*ange ,commission4   

7#f7 ,relevant /akehold]s f ! f9ancial  
s]vices indu/ry1 comm]cial bus9esses1 or
 o!r organizations1 :i* %all n include  
any /akehold]s f ! oil or gas indu/ry4  
7c7 ,t]m ,! memb]s ( ! ,advisory        
,committee %all be appo9t$ = #c-ye>     
t]ms1 except t ! initial t]ms ( ! fir/  
memb]s ( ! ,advisory ,committee %all be 
/agg]$ s t-- 7#a7 #h memb]s s]ve t]ms ( 
#c ye>s2  7#b7 #h memb]s s]ve t]ms ( #b 
ye>s2 &  7#c7 #h memb]s s]ve t]ms ( #a  
ye>4  7d7 ,re/rictions on ,removal ,a   
memb] ( ! ,advisory ,committee may n be 
remov$ be=e ! date on :i* ! t]m ( !     
memb] expires unless #b_/c ( ! heads ( !
 memb] ag5cies ( ! ,c\ncil vote 9 favor 
( su* removal4  7e7 ,consultation ,!    
,c\ncil %all consult ) ! ,advisory      
,committee 9 c>ry+ out ! requirem5ts (  
?is section4  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 %all-- 7#a7     

facilitate ! %>+ ( be/ practices on     
address+ climate f9ancial risk across   
ag5cies ) memb]s s]v+ on ! ,advisory    
,committee2 &  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
  #aba;,c4 ,report on climate f9ancial  
risk ,n lat] ?an #bgj days aft] ! date (
 enactm5t ( ?is section1 & annually     
!reaft]1 ! ,c\ncil %all1 9 coord9ation )
 ! ,advisory ,committee on ,climate     
,risk e/abli%$ "u section #aba;,b & !   
,advisory ,committee on ,climate ,risk  
e/abli%$ "u section #aba;,a1 publi% a   
report t-- 7#a7 assesses-- 7,a7 !       
pot5tial impact ( climate-relat$ risks  
on ! f9ancial /ability ( ! ,unit$       
,/ates2  7,b7 ! ext5t to :i* ,f$]al &   
,/ate f9ancial regulatory ag5cies h     
suffici5t exp]tise on climate f9ancial  

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* prop]ty &  
casualty insurance availability &       
af=dability tr5ds are affect+ cr$it     
m>kets1 h\s+ f9ance1 & f9ancial         
/ability2  7,e7 ! ext5t to :i* nonbank  
f9ancial companies & l>ge1 int]connect$ 
bank hold+ companies sup]vis$ by ! ,bo>d
 ( ,gov]nors are engag+ 9 safe & s\nd   
managem5t ( climate f9ancial risks2     
7,f7 ! degree ( coord9ation among ,f$]al
 & ,/ate f9ancial regulatory ag5cies on 
climate f9ancial risk2  7,g7 ! degree ( 
coord9ation by ,f$]al & ,/ate f9ancial  
regulatory ag5cies ) int]national       
f9ancial regulatory au?orities on       
climate f9ancial risk2  7,h7 h[         
climate-relat$ disclosure requirem5ts 9 
! ,unit$ ,/ates comp>e to simil>        
disclosure regimes 9 o!r c\ntries2 &    
7,i7 any o!r areas ! ,c\ncil det]m9es   
important2 &  7#b7 provides             
recomm5dations bas$ on ! assessm5ts     

conduct$ "u 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 bo? ! %ort-
 & long-t]m f9ancial risks associat$ )  
climate *ange4  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 ,climate ,f9ancial ,risk 
,committee4,sec4 #aba;,b4 ,advisory     
,committee on ,climate ,risk4,sec4      
#aba;,c4 ,report on climate f9ancial    
risk4  4  #c4 ,update on sup]visory     
guidance on climate f9ancial 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 f9ancial risk1 includ+  
cr$it1 liquidity1 m>ket1 op]ational1 &  
reputational risk to ensure t ea*       
in/itution sup]vis$ by ! ,f$]al bank+   
ag5cy or ! ,national ,cr$it ,union      
,adm9i/ration1 z applicable1 ) great]   
?an #ej1jjj1jjj1jjj 9 assets            
appropriately id5tify & mitigate climate
 f9ancial risk4  7c7 ,coord9ation ,!    
,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$]al ,regulations1 to specify h[ ! 
,c\ncil w incorporate climate f9ancial  
risk into det]m9ations describ$ 9 t     
subp>t4  #e4 ,f$]al ,insurance ,(fice   
report on insurance regulation & climate

 f9ancial risk ,n lat] ?an #a ye> aft] !
 date ( enactm5t ( ?is ,act1 ! ,f$]al   
,insurance ,(fice %all publi% a report1 
:i* may be submitt$ along ) ! report    
describ$ 9 section #f1 t-- 7#a7 assesses
 ! pot5tial impact ( climate f9ancial   
risk on ! insurance sector 9 ! ,unit$   
,/ates2  7#b7 provides an update on !   
implem5tation ( recomm5dations made by !
 #bjbc report ( ! ,f$]al ,insurance     
,(fice titl$ ,insurance ,sup]vision &   
,regulation ( ,climate-,relat$ ,risks2 &
  7#c7 recomm5ds ways to mod]nize &     
improve regulation & sup]vision (       
climate f9ancial risk by ! insurance    
sector 9 ! ,unit$ ,/ates4  #f4 ,f$]al   
,insurance ,(fice data collection on    
climate-relat$ risks  7a7 ,9 g5]al ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,f$]al ,insurance ,(fice1
 9 consultation ) ! ,national           
,association ( ,insurance ,commission]s 
& ,/ate insurance commission]s1 %all    
publi% a report on ! home[n]s insurance 
und]writ+ data describ$ 9 subsection 7b7

 = cal5d> ye>s #bjbc & #bjbd to assess  
climate-relat$ risks across ,/ate       
insurance m>kets & h[ su* risks c\ld    
impact ! f9ancial /ability ( ! ,unit$   
,/ates4  7b7 ,data describ$ ,! data     
describ$ 9 ?is subsection-- 7#a7 %all be
 disaggregat$ by zip code2  7#b7 %all   
include granul> data on premiums1       
policies1 claims1 losses1 limits1       
d$uctibles1 non-r5ewals1 &              
cancellations1 consi/5t ) ! in=mation   
reque/$ "u ! ,f$]al ,insurance ,(fice   
,climate-,relat$ ,f9ancial ,risk ,data  
,collection = ,u4,s4 ,home[n]s          
,multi-,p]il ,und]writ+ ,data 7#hh ,f$4 
,reg4 #gechj71 z modifi$ by ! mo/ rec5t 
,national ,association ( ,insurance     
,commission]s ,prop]ty  ,casualty       
,insurance ,m>ket ,intellig5ce ,data    
,call2 &  7#c7 %all be collect$ directly
 by ! ,f$]al ,insurance ,(fice f        
insurance companies1 across all l9es (  
bus9ess ( su* insurance company1        
pursuant to section #cac ( title #ca1   
,unit$ ,/ates ,code4  7c7 ,dissem9ation 

,^u reque/1 ! ,f$]al ,insurance ,(fice  
%all provide to ! ,committee on ,bank+1 
,h\s+1 & ,urban ,affairs ( ! ,s5ate1 !  
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives1 or ! ,/ate     
insurance commission] ) regulatory      
au?ority ov] an insurance company !     
report requir$ "u subsection 7a71       
includ+ ! data describ$ 9 subsection    
7b74  7d7 ,=m ,! ,f$]al ,insurance      
,(fice %all ensure t ! report requir$ "u
 subsection 7a7 does n include any      
p]sonally id5tifiable in=mation4  7e7   
,subsequ5t reports ,n lat] ?an ,july #a1
 #bjbf1 & annually !reaft]1 9 accordance
 ) ! requirem5ts ( ?is section1 ! ,f$]al
 ,insurance ,(fice %all make publicly   
available a report on ! home[n]s        
insurance und]writ+ data describ$ 9     
subsection 7b7 = ! cal5d> ye> prec$+ !  
date ( ! report4  #g4 ,s5se ( ,congress 
relat+ to improv+ global coord9ation ,x 
is ! s5se ( ,congress t relevant ,f$]al 
f9ancial regulatory ag5cies & !         
,dep>tm5t ( ! ,treasury1 includ+ !      

,f$]al ,insurance ,(fice1 z applicable1 
%\ld-- 7#a7 jo9 ! ,network = ,gre5+ !   
,f9ancial ,sy/em & o!r int]national     
organizations focus$ 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