118th Congress Finance and Financial Sector
S. 1138: Fossil Free Finance Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires large bank holding companies to set forth plans to reduce and ultimately eliminate the financing of activities that contribute to greenhouse gas emissions and deforestation. Specifically, the bill prohibits the financing of (1) new or expanded fossil fuel projects 60 days after enactment, (2) thermal coal by 2025, and (3) all fossil fuel projects by 2030.
Further, the Financial Stability Oversight Council must consider the activities of certain bank holding companies and nonbank financial companies that contribute to emissions as part of the prudential supervision process.
The Board of Governors of the Federal Reserve System must report on financed emissions in the financial system, the estimated emissions to meet science-based emissions targets, and recommendations for addressing regulatory gaps in reducing such emissions that cannot be addressed by the board.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Jeff Merkley D-OROriginal
- Bernard Sanders I-VTOriginal
- Peter Welch D-VT
- Elizabeth Warren D-MA
- Laphonza Butler D-CA
Who scored on this bill
- 1Edward Markey SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Edward Markey
- S. 236: To amend the Act of August 9, 1955 (commonly known as the "Long-Term Leasing Act"), to authorize leases of up to 99 years for land in the Mashpee Wampanoag Tribe Reservation and land held in trust for the Wampanoag Tribe of Gay Head (Aquinnah), and for other purposes
- S. 2232: Expanding the Surety Bond Program Act of 2025
- S. 843: Sea Turtle Rescue Assistance and Rehabilitation Act of 2025
- S. 836: Children and Teens’ Online Privacy Protection Act
- S. 315: AM Radio for Every Vehicle Act of 2025
- S. 608: Deerfield River Wild and Scenic River Study Act of 2023
History
- Introduced in the Senate by Edward Markey.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.