Fossil Free Finance Act of 2026

This bill would require bank holding companies with at least $50 billion in assets to submit emission reduction plans to the Federal Reserve Board within 210 days and at least every 2 years after that. The plans must cut emissions tied to the companies' loans and investments by 50 percent by 2035 and to zero by 2050, end thermal coal financing immediately, and end all fossil fuel financing by 2035, without using carbon offsets. Companies that do not comply could face penalties, forced sale of assets, and possible loss of federal deposit insurance for their banks. The bill also adds emissions to the factors used to place certain nonbank financial companies under Federal Reserve supervision and requires the Federal Reserve to send Congress reports on financial sector emissions.

Full text and official record on Congress.gov

Sponsors

• Ayanna Pressley Democrat sponsor
• 1 cosponsors