Bill > HR1549

This bill establishes the Advisory Committee on Climate Risk on the Financial Stability Oversight Council (FSOC). The committee will consult with FSOC in drafting an annual report on climate risk and its potential impact on the financial stability of the United States. The bill also requires federal banking agencies and the National Credit Union Administration to update their supervisory guidance to include climate-related risks, and the FSOC to update its guidance on designating non-bank systemically important financial institutions (SIFIs) to incorporate climate risk. Additionally, the bill directs the Federal Insurance Office to publish a report assessing the impact of climate financial risk on the insurance sector and recommending ways to improve climate risk insurance regulation. Finally, the bill encourages relevant federal financial regulatory agencies to join international organizations focused on climate financial risk, such as the Network for Greening the Financial System and the Task Force on Climate-Related Financial Risks of the Basel Committee on Banking Supervision.