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S 5264 United States Senate · 117th Congress

Protecting America's Economy from the Carbon Bubble Act of 2022

Summary
Protecting America's Economy from the Carbon Bubble Act of 2022 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 fund 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.
Issues: ✗ EnergyOpposes EnergyProhibits financial support for fossil fuel production, directly limiting fossil fuel expansion and opposing fossil fuel reliance in energy infrastructure.95% confidence ✓ EnvironmentSupports EnvironmentProhibits financial institutions from funding new fossil fuel projects, directly reducing emissions and aligning with environmental protection goals by restricting fossil fuel expansion.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Dec 2022
Committee Review
Floor Vote
President
Introduced Dec 15, 2022 Last action Dec 15, 2022
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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Dec 15, 2022
Senate · Referred to committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 15, 2022
Senate · Introduced
Introduced in Senate
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Jeff Merkley
Jeff Merkley
DDemocratic
OR
n/a