Senate Bill 4835
116th Congress(2019-2020)
Protecting America's Economy from the Carbon Bubble Act of 2020
Introduced
Introduced in Senate on Oct 21, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4835
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
Protecting America's Economy from the Carbon Bubble Act of 2020
This bill prohibits certain financial companies (including bank holding companies, savings and loan holding companies, and insured depository institutions) from involvement in fossil fuel production. Prohibited activities include
- providing loans to and making investments in fossil fuel companies or projects,
- facilitating transactions that funds new fossil fuel production,
- securitizing assets that provide funds for new fossil fuel production, and
- entering into certain derivatives transactions related to new fossil fuel production.
Violators are subject to criminal and civil penalties.
October 21, 2020
10/21/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
10/21/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:44:23 PM