A new bill offered by Democrats in the House of Representatives would provide disincentives for banks to provide loans to, support bond offerings of, and provide other routine financial services to fossil fuel companies.
The “Climate Crisis Financial Stability Act’ (CCFSA) was introduced by Democratic members of House Financial Services subcommittee at a hearing of the subcommittee in July.
The bill would amend the Financial Stability Act of 2010 by requiring federal banking regulators to consider climate change when they calculate the amount of money lenders must hold in reserve to shield themselves from unanticipated losses related to climate change.
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