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S 588 (Feinstein-CA)/HR 1549 (Casten-IL) – Climate Risk Advisory Committee

Establishes a permanent Climate Risk Advisory Committee on the Financial Stability Oversight Council (FSOC), Requires specified regulatory agencies to include climate risk in their supervisory guidance. Requires FSOC to incorporate climate risk into specified decisions. Requires the Federal Insurance Office to report on modernizing and improving climate risk insurance regulation. Encourages financial regulators to join international networks on climate financial risk.

  • Version: Introduced 3/4/2021 and Introduced 3/3/2021, respectively
  • Sponsor: Authors
  • Location: Senate Banking, Housing, and Urban Affairs Committee and House Financial Services Committee, respectively
  • Board Position: Support

CalSTRS analysis:

As introduced 3/4/2021 and 3/3/2021