A joint resolution providing congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Rescission of Principles for Climate-Related Financial Risk Management for Large Financial Institutions".
Sen. Warren Introduces Resolution to Restore Climate Risk Rules for Large Banks
Legislative Progress
Key Points
- Sen. Warren and Sen. Whitehouse introduced a plan to keep climate safety rules for the country's biggest banks. They are trying to stop a government agency from canceling guidelines that help banks prepare for financial problems caused by climate change.
- The guidelines require banks with over $100 billion in assets to look at how extreme weather or new environmental laws might hurt their business. This includes tracking risks like property damage from floods or financial losses in the energy industry.
- If this resolution passes, it would overturn a decision by the Office of the Comptroller of the Currency to get rid of these rules. This would ensure that the largest financial institutions continue to account for climate-related risks in their long-term planning.
- Supporters say these rules are necessary to prevent a future financial crisis caused by environmental disasters. They argue that if big banks aren't prepared for the costs of climate change, it could put the entire U.S. economy at risk.
Impact Analysis
Personal Impact
This resolution would not directly regulate small businesses, but restoring climate risk management rules for large banks could indirectly affect lending practices. If big banks must factor climate risks into their decisions, small businesses in climate-vulnerable sectors (like coastal tourism or fossil fuels) might face tighter lending terms, while those in green industries could benefit from more favorable treatment.
Broader Impacts
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articlesGOP REBUFFS FINANCIAL CLIMATE RISKS
Senate Democrats, led by Elizabeth Warren and Sheldon Whitehouse, introduced a Congressional Review Act resolution to overturn the OCC's recent rescission of climate risk management principles for large banks, arguing the move ignores systemic threats to the financial system.
Early Edition: March 5, 2026
Senators Warren and Whitehouse have introduced a joint resolution of disapproval targeting the Office of the Comptroller of the Currency's decision to scrap climate-related financial risk guidelines for major financial institutions with over $100 billion in assets.
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution providing congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Rescission of Principles for Climate-Related Financial Risk Management for Large Financial Institutions".
Data Sources
Sponsor
Cosponsors
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