Sec. 4. Reports
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/bill/117/s/3167/is/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The term covered bank holding company means a bank holding company with total consolidated assets equal to or greater than $50,000,000,000. The term financed emissions means, with respect to a covered bank holding company, and any nonbank financial company, the share of the emissions of such company attributable to investment in, or the providing of financial services to, a company or project of a company, including— investments in a debt or equity investment in such another company or the assets of such another company; project finance investment; underwriting; syndication or securitization of loans or asset-backed securities; derivative transactions related to financing or hedging; and market making.
The term science-based emissions targets means reduction in greenhouse gas emissions consistent with preventing an increase in global average temperature of greater than or equal to 1.5 degrees Celsius compared to pre-industrial levels. Not later than 180 days after the date of the enactment of this subsection, the Board of Governors of the Federal Reserve System shall submit a report to Congress that— identifies current level of financed emissions in the financial system of the United States; includes an analysis of trends in financed emissions reductions; includes a summary of the commitments of covered bank holding companies to reduce financed emissions; estimates the financed emissions in the financial system of the United States needed to meet science-based emissions targets; identifies regulatory gaps in reducing financed emissions that cannot be addressed with authorities of the Board and recommendations for addressing such gaps; identifies data quality challenges for assessing financed 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 emissions economy; analyzes— the number and groups of people affected by a transition to zero financed 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 (8)(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 emissions economy.
Not later than 180 days after the date of the enactment of this subsection 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 emissions targets; the estimates described in subsection (b)(4); and an analysis of the progress made in the preceding 2 years towards an equitable transition to a zero financed emissions economy; and recommendations with respect to assistance Congress and other Federal agencies may provide to— facilitate a reduction of financed emissions; and support an equitable transition to a zero financed 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.