Bill · S. 3711· Senate(119-S-3711)
Addressing Climate Financial Risk Act of 2026
- Introduced
- 1/28/2026
- Last activity
- 1/28/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Tina Smith
- Cosponsors
- - 5 - 0
- Introduced
- In Committee
What this bill would do
This bill, titled the "Addressing Climate Financial Risk Act of 2026," aims to establish specific committees to manage climate-related financial risks. It creates the Climate Financial Risk Committee to support the Financial Stability Oversight Council in identifying and mitigating risks to the financial system. Additionally, it establishes an Advisory Committee on Climate Risk composed of experts in science, economics, and various industry sectors. The Act requires updated supervisory guidance for large banking institutions and updates to nonbank financial company designations. It also mandates reports from the Federal Insurance Office regarding insurance regulation and homeowners insurance data. Finally, the bill encourages increased coordination with international financial regulatory organizations.
Yes· 3 of 8
Does this make what the government does easier for the public to see?+5
The bill mandates annual reports to Congress regarding climate financial risks and insurance underwriting data.
Does this better protect air, water and wildlife?+4
The bill establishes formal mechanisms to manage and mitigate the systemic financial risks posed by climate change.
Would union members be better off under this?+3
The bill explicitly provides for representation from labor union groups on the Advisory Committee on Climate Risk.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Enhanced Financial Stability Monitoring: The establishment of the Climate Financial Risk Committee aims to assist in identifying and mitigating climate-sited risks to the financial system (Section 2, SEC. 121A).
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Expert Advice and Research: The Advisory Committee on Climate Risk brings together climate science experts and climate economics experts to assist the Council in assessing risks (Section 2, SEC. 121B).
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Increased Transparency via Reporting: The Council is required to publish an annual report assessing the potential impact of climate-related risks on the financial stability of the United States (Section 2, SEC. 121C).
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Improved Oversight of Large Institutions: Federal banking agencies must update guidance to ensure large institutions (those with more than $50,000,000,000 in assets) appropriately identify and mitigate climate financial risk (Section 3).
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Better Insurance Market Information: The Federal Insurance Office will collect and publish reports on homeowners insurance underwriting data, including premiums, claims, and cancellations, to assess risks across State insurance markets (Section 6).
Potential Negative Impacts for People
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Exclusion of Specific Industry Stakeholders: The Advisory Committee on Climate Risk specifically prohibits stakeholders from the oil or gas industry from serving as members (Section 2, SEC. 121B).
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Regulatory Burdens on Large Banks: Large banking institutions with more than $50,000,000,000 in assets are required to update their internal processes to identify and mitigate climate financial risk (Section 3).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Union Workers+3Good For Middle Class Households+2
- Economy And Finance
- Improves Consumer Protection+3Improves Economic Growth+2
- Governance And Ideology
- Improves Government Transparency+5
- Environment Energy And Infrastructure
- Improves Environmental Protections+4
- National Security And Foreign Policy
- Improves International Alliances+3
- Social Issues And Justice
- Improves Affordable Housing+2
- 1/28/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 5 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Martin HeinrichDemocrat · New Mexico
Jeff MerkleyDemocrat · Oregon
Alex PadillaDemocrat · California
Chris Van HollenDemocrat · Maryland
Elizabeth WarrenDemocrat · Massachusetts