Proposed Ban on Bank Financing for New Fossil Fuel Projects

Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

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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The Frame

What this does

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 is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial companies

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

Fossil fuel companies

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

Bank CEOs

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

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Summary

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.

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.

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.

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.

What counts as 'fossil infrastructure' under this law?

It includes projects such as wells, rail infrastructure, pipelines, terminals, refineries, and power plants related to fossil fuels.

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.

News Coverage

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Discoveries

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

bill_numberBank Holding Company Act of 1956“The Act is the subject of amendment.”Map →

organizationBanking, 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 →

organizationSenate“The bill was introduced in the Senate.”Map →

organizationNational Securities Exchange“A key component of the bill's regulatory framework.”Map →

personMr. Merkley“Mr. Merkley introduced the bill.”Map →

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