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S5592FEDERALFederal Billfiled
High Impact

Proposed Ban on Bank Financing for New Fossil Fuel Projects

Original title: Protecting America's Economy from the Carbon Bubble Act of 2023

Record date · December 18, 2024

Bill progressHistory & official text ↓
Introduced
Committee
Floor Vote
Passed
Law

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What This Bill Would Do

This bill would prohibit banks and other financial companies from providing loans, investments, or other financial services to support new fossil fuel production or related infrastructure. Financial institutions would be required to implement compliance programs and have their CEOs attest to their adherence to these rules.

Why it matters

If enacted, this law would restrict the ability of banks to fund new oil, gas, or coal projects, potentially impacting the capital available for energy expansion and requiring financial institutions to overhaul their lending and investment portfolios.

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Financial companies

These institutions must cease financing new fossil fuel production and implement new compliance and attestation programs.

Directly affected

Fossil fuel companies

These companies may face restricted access to loans, investments, and financial services from regulated financial institutions for new projects.

Directly affected

Bank CEOs

They are required to provide formal attestations regarding their institution's compliance with the new prohibitions.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

What types of financial institutions are covered by this bill?
The bill applies to bank holding companies, savings and loan holding companies, foreign banking organizations, insured depository institutions, and their subsidiaries or affiliates.
Who is responsible for ensuring a bank follows these rules?
The bank's CEO must provide an of compliance, and the appropriate Federal banking agency is responsible for supervising the bank's policies and procedures.

What else do you want to know?

News Coverage

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Where This Stands

Currently filed. The next step in the legislative lifecycle is Committee.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Expansion of Financial Regulation

The bill moves beyond traditional safety-and-soundness banking regulation to use financial institutions as a tool for enforcing climate-related production limits.

Bank Holding Company Act of 1956

Connected Entities

Bank Holding Company Act of 1956, Senate Banking, Housing, and Urban Affairs Committee, Securities Exchange Act of 1934 and 3 more
bill numberBank Holding Company Act of 1956“The Act is the subject of amendment.”Map →
OrganizationSenate Banking, Housing, and Urban Affairs Committee“The bill was referred to this committee for consideration.”Map →
otherSecurities Exchange Act of 1934“Used for definitions within the bill.”Map →
PersonMerkley“Mr. Merkley introduced the bill.”Map →
OrganizationSenate“The bill was introduced in the Senate.”Map →
OrganizationNational Securities Exchange“A key component of the bill's regulatory framework.”Map →

Sources

Open source document

www.congress.gov

Analysis Score

0–100
  • Significance85
    How much this matters to a regular citizen
  • Controversy90
    Intensity of disagreement among stakeholders
  • Entertainment20
    Compellingness for a non-policy-wonk reader
  • Buzz40
    Current news / social attention level

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