Sec. 4. Reports
448 words·~2 min read·
/bill/118/s/1138/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The terms covered bank holding company and financed emissions have the meanings given the terms in section 15 of the Bank Holding Company Act of 1956, as added by section 2 of this Act. The term science-based emissions targets means reduction in greenhouse gas emissions consistent with preventing an increase in global average temperature of not less than 1.5 degrees Celsius compared to pre-industrial levels. Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall submit to Congress a report that— identifies the 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 enactment of this Act, and not less than once every 2 years thereafter, the Board of Governors of the Federal Reserve System shall submit to Congress a report that includes— an analysis of the progress against aligning with financed emissions targets; the estimates described in subsection (b)(4); an analysis of the progress made in the preceding 2 years toward an equitable transition to a zero financed emissions economy; and recommendations with respect to assistance Congress and 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 required under this section.