Sec. 4. Reports
463 words·~2 min read·
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Not later than July 1, 2022, the Board of Governors of the Federal Reserve System shall submit a report to Congress that— identifies current level of financed greenhouse gas emissions (as defined in section 15 of the Bank Holding Company Act of 1956) in the financial system of the United States; includes an analysis of trends in financed greenhouse gas emissions reductions; includes a summary of the commitments of covered bank holding companies (as defined in section 15 of the Bank Holding Company Act of 1956) to reduce financed greenhouse gas emissions; includes projections of estimated temperature rise through January 1, 2100, based on latest climate science— if current emission trends continue; or if bank holding companies meet voluntary financed greenhouse gas emissions goals; estimates the financed greenhouse gas emissions in the financial system of the United States needed to meet science-based emissions targets (as defined in section 15 of the Bank Holding Company Act of 1956); identifies regulatory gaps in reducing financed greenhouse gas emissions that cannot be addressed with authorities of the Board and recommendations for addressing such gaps; identifies data quality challenges for assessing financed greenhouse gas emissions and recommendations to address those challenges; identifies the equitable transition needs for workers and communities that will be impacted by a shift to a zero financed greenhouse gas emissions economy; analyzes— the number and groups of people affected by a transition to zero financed greenhouse gas emissions; and the economic impact of such a transition with respect to such groups; and identifies regulatory and legislative options for mitigating the economic impacts described in paragraph (9)(B), including— the use of existing authorities, including the Community Reinvestment Act of 1977 ( 12 U.S.C. 2901 et seq. ) and emergency lending powers under section 13 of the Federal Reserve Act ( 12 U.S.C. 342 ); and the establishment of a public investment bank to finance investment in an equitable transition to a zero financed greenhouse gas emissions economy.
Not later than July 1, 2024, and not less than once every 2 years thereafter, the Board of Governors of the Federal Reserve System shall submit a report to Congress that includes— an analysis of the progress against aligning with financed greenhouse gas emissions targets; the projections described in subsection (a)(4); and an analysis of the progress made in the preceding 2 years towards an equitable transition to a zero financed greenhouse gas emissions economy; and recommendations with respect to assistance Congress and other Federal agencies may provide to— facilitate a reduction of financed greenhouse gas emissions; and support an equitable transition to a zero financed greenhouse gas emissions economy.
The Board of Governors of the Federal Reserve System shall collect such data as needed from bank holding companies to carry out the reports under this section.