Sec. 2. Advisory Committee on Climate Risk
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Subtitle A of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 et seq.) is amended by inserting after section 121 ( 12 U.S.C. 5331 ) the following: There is established in the Council the Climate Risk Advisory Committee, which shall— consult with the Council in the drafting by the Council of an annual report on climate risk required under subsection
(e)and other climate risk matters; and meet with the Council not less frequently than once per year. The Committee shall consist of the following members: Four members who are climate science experts, of whom— 1 shall be appointed by the Secretary of Energy; 1 shall be appointed by the Administrator of the Environmental Protection Agency; and 2 shall be appointed by the Director of the National Science Foundation. Eight members who are experts in climate economics or climate financial risk appointed by the Council, of whom not fewer than 1 member is each an expert in— insurance; capital markets; banking; international financial markets; housing; and the perspective of asset owners. No member of the Committee may be employed by a company within the jurisdiction of a member agency of the Council. The members of the Committee shall be appointed for 3-year terms, except that the initial terms of the first members of the Committee shall be staggered so that— 4 members serve terms of 3 years; 4 members serve terms of 2 years; and 4 members serve terms of 1 years. The Council shall consult with the Committee in carrying out the requirements of this section. Not later than 270 days after the date of enactment of this section, the Council shall, in coordination with the Committee and the Deputies Committee of the Council, publish a report that— assesses— the potential impact of climate risk on the financial stability of the United States; the extent to which Federal and State financial regulatory agencies have sufficient expertise on climate risk; the quality of data available to Council members to properly assess climate financial risk and any gaps in data that exist; the extent to which supervised financial institutions are engaging in sound climate risk management; the degree of coordination among Federal and State financial regulatory agencies on climate risk; the degree of coordination by Federal and State financial regulatory agencies with international financial regulatory authorities on climate financial risk; how U.S. climate financial risk disclosure requirements compare to climate financial risk disclosure regimes in other countries and to other regimes that are available; and any other areas the Council believes are important; and provides recommendations based on the assessments in paragraph
(1)to Federal and State financial regulatory agencies and to Congress on how to improve the ability of the financial regulatory system in the United States to identify and mitigate climate financial risk. Each member agency should develop and make publicly available a strategy to identify and mitigate climate financial risk within the jurisdiction of the member agency. The Council should— facilitate the sharing of best practices on climate financial risk across agencies; and assign the Office of Financial Research to conduct ongoing research into climate financial risk. The Council shall include a section on climate financial risk in— the annual report of the Council to Congress; and if relevant, in any other report to Congress. . The table of contents of the Dodd-Frank Wall Street Reform and Consumer Protection Act in section 1(b) of that Act is amended by inserting after the item relating to section 121 the following: Sec. 121A. Advisory Committee on Climate Risk. .
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