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Regulatory or Legal Changes Top 3
Bank emission reduction plans with fossil fuel phase-out
Requires large banks to file emission reduction plans with the Fed every two years, including binding targets to halt thermal coal financing immediately, stop new fossil fuel projects within 60 days, and end all fossil fuel financing by 2035.
- Population Scope Low Directly regulated entities are bank holding companies with $50 billion or more in assets — a narrow set of large institutions, not the general public.
- Budgetary Magnitude Low No funds are authorized, appropriated, or obligated by this provision.
- Legal / Regulatory Depth High Creates binding statutory mandates on large banks — new enforceable prohibitions on fossil fuel financing with specific hard deadlines — amending the Bank Holding Company Act of 1956 to impose substantive compliance duties that did not previously exist.
- Degree of Discretion Granted Medium The Federal Reserve (Fed) must review and accept plans, giving it interpretive latitude over what constitutes adequate pathways, but core timelines and bans are fixed by statute rather than delegated.
- Implementation & Enforcement Burden High Imposes an ongoing affirmative compliance obligation — biennial plan submission, plan implementation, and adherence to multiple staggered hard prohibitions — requiring the Fed to develop review infrastructure and banks to sustain continuous compliance programs.
- Temporal Commitment High Amends the Bank Holding Company Act of 1956 with no expiry or reauthorization trigger, binding future actors indefinitely unless Congress repeals the amendments.
No signal yet
Regulatory or Legal Changes Top 3
Prudential standards: emissions divestiture and reduction plans
Requires the Federal Reserve (Fed) to develop new safety-and-soundness standards for the largest financial firms, including mandatory divestiture of fossil-fuel-linked assets and submission of emission reduction plans. Expands the list of factors the Financial Stability Oversight Council (FSOC) must consider when deciding whether a nonbank financial firm poses a systemic risk, adding the firm's contribution to finance-linked greenhouse gas emissions.
- Population Scope Low Directly affects systemically important nonbank financial companies and large bank holding companies subject to enhanced Federal Reserve oversight — a small set of the largest financial firms.
- Budgetary Magnitude Low Same as above.
- Legal / Regulatory Depth High Amends the Financial Stability Act of 2010 to create new mandatory prudential standards — compulsory fossil-fuel asset divestiture and emissions reduction plans — and expands the statutory factors the Financial Stability Oversight Council (FSOC) must weigh, constituting a substantive restructuring of supervisory and designation law.
- Degree of Discretion Granted Medium The Fed must develop the prudential standards and FSOC must weigh the new climate factor, but the mandate to act is non-discretionary; the Fed retains latitude in how it designs and calibrates the specific standards.
- Implementation & Enforcement Burden High Requires the Fed to stand up an entirely new class of prudential rulemaking and supervision — divestiture standards plus emissions plan review — alongside FSOC's expanded designation analysis, creating durable new regulatory infrastructure.
- Temporal Commitment High Amends the Financial Stability Act of 2010 with no sunset or reauthorization requirement, persisting indefinitely until Congress acts to repeal or alter the amendments.
No signal yet
Implementation & Enforcement Top 3
Federal Reserve data collection authority from banks
Grants the Federal Reserve new legal authority to collect emissions data directly from bank holding companies to fulfill congressionally mandated reporting on financial sector greenhouse gas emissions trends and targets.
- Population Scope Low Directly affects bank holding companies subject to Federal Reserve (Fed) data collection requests — a narrow regulated-industry population.
- Budgetary Magnitude Low Same as above.
- Legal / Regulatory Depth Medium Grants the Fed a new statutory data-collection authority over bank holding companies — a procedural legal change that shapes how the Fed discharges its reporting duty rather than imposing a new substantive prohibition or entitlement.
- Degree of Discretion Granted Medium The Fed may determine the scope, frequency, and form of data it collects, giving meaningful agency discretion in operationalizing the authority, but the authority exists only to serve congressionally defined reporting purposes.
- Implementation & Enforcement Burden Medium Creates a recurring compliance obligation for bank holding companies to respond to Fed data requests, but stops short of establishing a new penalty regime or adjudicatory infrastructure.
- Temporal Commitment High Conferred by statutory amendment with no expiry or reauthorization trigger, so the authority persists indefinitely unless Congress acts to remove it.
No signal yet
No possible riders have been surfaced for this bill.
Summary
The Fossil Free Finance Act of 2026 requires large banks and other major financial institutions to reduce the greenhouse gas emissions tied to their lending and investment activities, ultimately ending financing for fossil fuels. Among other elements, the bill * requires large bank holding companies (those with $50 billion or more in assets) to submit emission reduction plans to the Federal Reserve (Fed) and update them every two years; * sets binding targets to cut finance-linked emissions 50% by 2035 and reach zero by 2050, with an immediate ban on new thermal coal financing; * prohibits financing of new or expanded fossil fuel projects within 60 days, and all fossil fuel financing by 2035; * bars the use of carbon offsets to meet these targets, while allowing proven negative-emission technologies under equity conditions; * adds a bank's climate emissions as a factor the Financial Stability Oversight Council (FSOC) must weigh when deciding whether a firm poses a systemic risk to the financial system; * and directs the Fed to develop prudential standards requiring major financial firms to divest from fossil fuel-linked assets and submit emissions reduction plans.
AI-generated summary, pending human review.
| Version | Event | Date | User support | Your vote | Roll calls |
|---|---|---|---|---|---|
| Original |
Initial publication
Oct 5, 2026
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Oct 5, 2026 | No votes yet | — | — |
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Regulatory or Legal Changes Top 3
Bank emission reduction plans with fossil fuel phase-out
Requires large banks to file emission reduction plans with the Fed every two years, including binding targets to halt thermal coal financing immediately, stop new fossil fuel projects within 60 days, and end all fossil fuel financing by 2035.
- Population Scope Low Directly regulated entities are bank holding companies with $50 billion or more in assets — a narrow set of large institutions, not the general public.
- Budgetary Magnitude Low No funds are authorized, appropriated, or obligated by this provision.
- Legal / Regulatory Depth High Creates binding statutory mandates on large banks — new enforceable prohibitions on fossil fuel financing with specific hard deadlines — amending the Bank Holding Company Act of 1956 to impose substantive compliance duties that did not previously exist.
- Degree of Discretion Granted Medium The Federal Reserve (Fed) must review and accept plans, giving it interpretive latitude over what constitutes adequate pathways, but core timelines and bans are fixed by statute rather than delegated.
- Implementation & Enforcement Burden High Imposes an ongoing affirmative compliance obligation — biennial plan submission, plan implementation, and adherence to multiple staggered hard prohibitions — requiring the Fed to develop review infrastructure and banks to sustain continuous compliance programs.
- Temporal Commitment High Amends the Bank Holding Company Act of 1956 with no expiry or reauthorization trigger, binding future actors indefinitely unless Congress repeals the amendments.
No signal yet
Regulatory or Legal Changes
Bank emission reduction plans with fossil fuel phase-out
Regulatory or Legal Changes Top 3
Prudential standards: emissions divestiture and reduction plans
Requires the Federal Reserve (Fed) to develop new safety-and-soundness standards for the largest financial firms, including mandatory divestiture of fossil-fuel-linked assets and submission of emission reduction plans. Expands the list of factors the Financial Stability Oversight Council (FSOC) must consider when deciding whether a nonbank financial firm poses a systemic risk, adding the firm's contribution to finance-linked greenhouse gas emissions.
- Population Scope Low Directly affects systemically important nonbank financial companies and large bank holding companies subject to enhanced Federal Reserve oversight — a small set of the largest financial firms.
- Budgetary Magnitude Low Same as above.
- Legal / Regulatory Depth High Amends the Financial Stability Act of 2010 to create new mandatory prudential standards — compulsory fossil-fuel asset divestiture and emissions reduction plans — and expands the statutory factors the Financial Stability Oversight Council (FSOC) must weigh, constituting a substantive restructuring of supervisory and designation law.
- Degree of Discretion Granted Medium The Fed must develop the prudential standards and FSOC must weigh the new climate factor, but the mandate to act is non-discretionary; the Fed retains latitude in how it designs and calibrates the specific standards.
- Implementation & Enforcement Burden High Requires the Fed to stand up an entirely new class of prudential rulemaking and supervision — divestiture standards plus emissions plan review — alongside FSOC's expanded designation analysis, creating durable new regulatory infrastructure.
- Temporal Commitment High Amends the Financial Stability Act of 2010 with no sunset or reauthorization requirement, persisting indefinitely until Congress acts to repeal or alter the amendments.
No signal yet
Regulatory or Legal Changes
Prudential standards: emissions divestiture and reduction plans
Implementation & Enforcement Top 3
Federal Reserve data collection authority from banks
Grants the Federal Reserve new legal authority to collect emissions data directly from bank holding companies to fulfill congressionally mandated reporting on financial sector greenhouse gas emissions trends and targets.
- Population Scope Low Directly affects bank holding companies subject to Federal Reserve (Fed) data collection requests — a narrow regulated-industry population.
- Budgetary Magnitude Low Same as above.
- Legal / Regulatory Depth Medium Grants the Fed a new statutory data-collection authority over bank holding companies — a procedural legal change that shapes how the Fed discharges its reporting duty rather than imposing a new substantive prohibition or entitlement.
- Degree of Discretion Granted Medium The Fed may determine the scope, frequency, and form of data it collects, giving meaningful agency discretion in operationalizing the authority, but the authority exists only to serve congressionally defined reporting purposes.
- Implementation & Enforcement Burden Medium Creates a recurring compliance obligation for bank holding companies to respond to Fed data requests, but stops short of establishing a new penalty regime or adjudicatory infrastructure.
- Temporal Commitment High Conferred by statutory amendment with no expiry or reauthorization trigger, so the authority persists indefinitely unless Congress acts to remove it.
No signal yet
Implementation & Enforcement
Federal Reserve data collection authority from banks
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