Senate Democrats are looking to restore Biden-era guidance compelling big banks to consider risks associated with climate change.
Banking ranking member Elizabeth Warren (D-Mass.) and Environment and Public Works ranking member Sheldon Whitehouse (D-R.I.) are sponsoring a Congressional Review Act resolution against a Trump administration regulatory rollback.
The resolution, S.J. Res.113, would specifically undo an October move by federal bank regulators to yank guidance issued under President Joe Biden for large financial institutions to manage climate-related risks.
The guidance — released in 2023 by the Federal Deposit Insurance Corp., the Federal Reserve and the Office of the Comptroller of the Currency — looked to promote “a consistent understanding of the effective management of climate-related financial risks” for firms with over $100 billion in assets.
