Bill > HR5253

This bill, the Fossil Free Finance Act, aims to require bank holding companies with over $50 billion in assets to submit emissions reduction plans to the Federal Reserve Board every two years. These plans must outline how the companies will reach net-zero financed greenhouse gas emissions by 2050, reduce emissions by 50% by 2030, and discontinue new fossil fuel projects and thermal coal financing by 2023 and 2025, respectively. The bill also allows the Board to impose penalties, including divestiture of assets, on companies that fail to meet the requirements. Additionally, the bill requires the Federal Reserve to report to Congress on the current state of financed emissions in the U.S. financial system, trends, commitments, and regulatory gaps, as well as the potential economic impacts and options for supporting an equitable transition to a zero-emissions economy.