Bill > HR7246

This bill, titled the "Addressing Climate Financial Risk Act of 2026," aims to bolster the Financial Stability Oversight Council's (FSOC) ability to identify and manage financial risks stemming from climate change by establishing two new committees within it: the Climate Financial Risk Committee and the Advisory Committee on Climate Risk. The Climate Financial Risk Committee, composed of staff representatives from FSOC member agencies and led by the Deputy Assistant Secretary of the Council, will support the FSOC in pinpointing critical areas for assessing and mitigating climate-related financial risks, act as a central hub for information sharing and developing common approaches, and collaborate with the Office of Financial Research to compile and analyze climate and financial data. The Advisory Committee on Climate Risk will consist of up to 30 members with expertise in climate science, economics, financial risk, and relevant stakeholder groups, excluding those from the oil and gas industry, and will advise the FSOC on gathering information, conducting analysis, and making recommendations. Both committees are designed to be permanent unless Congress acts to change them. Additionally, the bill mandates that Federal banking agencies and the National Credit Union Administration update their supervisory guidance to incorporate climate financial risk for institutions with over $50 billion in assets, and the FSOC will update its guidance on designating nonbank financial companies as systemically important financial institutions (SIFIs) to include climate financial risk. The Federal Insurance Office is also tasked with producing reports on the impact of climate financial risk on the insurance sector and collecting detailed homeowners insurance underwriting data to assess these risks across state markets. Finally, it expresses the sense of Congress that relevant U.S. agencies should enhance global coordination on climate financial risk by joining international organizations and working with international regulators.

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https://www.congress.gov/bill/119th-congress/house-bill/7246/all-info