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Beyer Statement On The Washington Post

Source: United States House of Representatives – Representative Don Beyer (D-VA)

Congressman Don Beyer (D-VA), who represents a Northern Virginia district in the Washington, D.C. suburbs in the U.S. House, today issued the following statement after the announcement of mass layoffs at the Washington Post, which reportedly included the elimination of substantial portions of the newspaper’s desks covering local and regional news, international news, sports, and the arts, eliminating one third of the Post’s newsroom:

“I love the Washington Post. I have been a subscriber for many years, reading it cover to cover for much of that time. The Post’s coverage has enriched my life, and its reporting has been indispensable to my work as an elected leader and policymaker more times than I can count. I think I speak for many in our region when I say it is heartbreaking to watch Jeff Bezos run the Washington Post into the ground.

“Two new media trends have reshaped national American journalism over the past year. One is the relentless geyser of news driven by an authoritarian president and his administration, which expands consumption of political reporting but also shapes coverage of the economy, global affairs, health, technology, environment, local communities, and so much more. Competitors of the Post, including the New York Times and the Wall Street Journal, have been successful in this environment.

“But this trend has been accompanied by another: a trend of media companies and other key institutions of civil society responding to Donald Trump’s efforts to bully and intimidate them by knuckling under, sucking up, and appeasing him. Over the past year we’ve seen media outlets try to protect the business interests and personal wealth of their billionaire owners by weakening or censoring journalism critical of Trump or his allies. This pervasive cowardice is deeply harmful to our country, and Jeff Bezos has been one of its chief practitioners.

“I don’t know whether investing tens of millions of dollars in a puff piece documentary about the First Lady is a savvy business move, but I know that Bezos’ well publicized meddling in and censorship of the Post’s editorial pages cost the paper hundreds of thousands of subscriptions. I strongly suspect that his decision to gut the Post’s staff rather than investing a tiny fraction of his vast personal wealth into growing it will deepen its financial problems, not improve them. Many readers who lose coverage of local issues and sports teams – the reason many subscribed to begin with – will respond by cancelling their subscriptions.

“The Washington Post is deeply important to our region. Instead of hiding in silence while he slowly kills one of the best newspapers in the country, Jeff Bezos should show the Post’s readers and employees basic respect by taking honest responsibility for his actions. Mr. Bezos has the wealth and resources to make the Post better than it is, but if he is unwilling to invest in his own newsroom or afraid of the risk associated with vibrant, critical journalism, I urge him to consider selling the Washington Post to someone who will be a better steward of this beloved and essential institution.

“My heart goes out to those who are losing their jobs today, along with my thanks for helping keep my constituents informed about their community. Your work has not been in vain.”

Beyer strongly criticized Jeff Bezos’ overhaul of the Washington Post opinion section to espouse libertarian values last year.

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“Sounding the Alarm” Congressman Neguse Delivers Address on House Floor Condemning Trump Administration’s Rampant Corruption 

Source: United States House of Representatives – Congressman Joe Neguse (D-Co 2)

“I rise today to sound an alarm about something dangerous and dark and pernicious that is happening inside our government. I recognize there are only a handful of my colleagues in the Chamber to hear that alarm. A few folks in the gallery. But I pray that Americans writ large will hear it.”

Washington, D.C. — Today, Colorado Congressman Joe Neguse delivered an address on the House Floor “Sounding the Alarm” for the American people about the rampant corruption of the Trump administration. The 41-year-old millennial lawmaker, who represents Western and Northern Colorado, addressed the Chamber and Americans writ large to expose the Trump administration’s pay-to-play self-enrichment schemes and demand that Congress vindicate the Constitution and put a stop to the President’s corruption.

Neguse called on his Republican colleagues specifically to stand up for hard-working American taxpayers and to confront President Trump and his inner circle’s reckless self-dealing. His closing remarks were interrupted by the Speaker Pro Tempore, but not before he delivered a grave warning from America’s Founding Fathers about the corrosive effects of corruption in government.

To see the full video of Congressman Neguse’s remarks, click HERE. 

A full transcript of his remarks is available below. 

NEGUSE: Mr. Speaker, I rise today to sound an alarm. To sound an alarm about something dangerous and dark and pernicious that is happening inside our government. 

And I recognize there are only a handful of my colleagues in the Chamber to hear that alarm. A few folks in the gallery. But I pray that Americans writ large will hear it. 

George Orwell, in his famous book 1984, wrote of a time when, “The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”

His warning proved prescient, because today the Trump administration asks the American people to ignore what they see with their own eyes and what they hear with their own ears, which is the complete corruption of their government from the inside out. 

The Trump administration’s pay-to-play schemes are literally ripping off hard working American taxpayers as we speak. We see the evidence everywhere.   

A $10 billion payout that Donald Trump, the President of the United States of America, now demands from his own Treasury Department in a lawsuit that he filed against the IRS. And, by the way, who does he demand pay him this $10 billion? The American taxpayer. 

Countless pay-to-play schemes. Vanity projects that have consumed his administration. All paid by American taxpayers. 

They are stripping the pocketbooks of Americans to line their own. 

Last weekend, The New Yorker reported that the president and his family have raked in $4 billion in personal profits by leveraging the presidency. Think about that. $4 billion dollars.

And you know the most salient example of this, by the way, we just learned about in the last seven days. An exposé by the Wall Street Journal about a scheme that the Trump administration engaged in last year. 

The Trump family, according to these public reports, sold a 49% stake in their crypto company to a member of the Emirati Royal Family. They did so for nearly half a billion dollars. 

We don’t know every detail of this transaction. We do know that the Trump family received $187 million from that transaction. A payday entangling the president’s financial interests with a foreign country. 

And months later, we know that the Trump administration approved a crypto deal with the UAE that included transferring advanced U.S. technology and AI chips. 

Mr. Speaker, this is corruption, plain and simple. 

It is the prioritization of personal profit over the national security interests of our country. The country we all love so dearly. 

It is wrong. It is immoral. 

And my colleagues on the other side of the aisle say nothing. 

Worse. Some of them defend this conduct. Notwithstanding that they know it is unlawful, that it is violative of our Constitution. 

We have an Emoluments Clause, Mr. Speaker, for a reason.

The Foreign Emoluments Clause in our Constitution was one of the few provisions to survive and be transferred from the Articles of Confederation to the Constitution in 1787. It was contemplated for precisely a scenario as this one. 

George Mason, one of our founding fathers, during the Constitutional Convention he warned his fellow delegates that, “If we do not provide against corruption, our government will soon be at an end.” 

His words, they are as true today as they were when he said them 240-some-odd years ago. 

It is shameful, the lack of courage from my Republican colleagues. It is repugnant to the Constitutional order that we all have been sworn to defend, to protect, to vindicate.  

So, the question I have, Mr. Speaker, for my Republican colleagues, for every American of good faith is when is enough enough? 

[Gavel bangs, interrupting. SPEAKER PRO TEMPORE: The Gentleman’s time…]

How many sweetheart deals will Republicans refuse to defend? 

The corruption must end, Mr. Speaker. 

[SPEAKER PRO TEMPORE:…has expired.]

The corruption must end. 

[SPEAKER PRO TEMPORE: The Gentleman is no longer recognized.]

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Griffith Statement on Harmful Spanberger Executive Action

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

Virginia Governor Abigail Spanberger signed Executive Directive 1, directing the Commonwealth’s law enforcement agencies to terminate any and all Section 287(g) agreements. This order threatens the work of Virginia State Police and the Virginia Department of Corrections to cooperate with federal law enforcement to keep Virginia communities safe.

U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“Law enforcement officials are important public safety servants in Virginia’s Ninth District. A core function of their mission is to protect Virginia communities, and I believe cooperation between local, state and federal officials helps accomplish that goal.

“I believe Governor Spanberger’s action to terminate 287(g) agreements directly undermines this goal and potentially pits local communities, state law enforcement and federal law enforcement against each other. This creates danger for all involved.

“This executive directive can be seen as encouraging behaviors and actions that obstruct federal law enforcement! 

“Because the public safety needs of our communities are in Virginia’s best interest, I urge Governor Spanberger to rescind this harmful executive directive.”

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Kelly backs "Protect and Serve Act" to support law enforcement

Source: United States House of Representatives – Representative Mike Kelly (R-PA)

WASHINGTON, D.C. — Today, U.S. Rep. Mike Kelly (R-PA) co-sponsored H.R. 1551, The Protect and Serve Act,” legislation that would create federal penalties for individuals who deliberately target law enforcement officers in the line of duty.

The bill was reintroduced by Reps. John Rutherford (R-FL) and Josh Gottheimer (D-NJ) last year. Kelly has voted for the legislation in previous Congresses.

“Each day, law enforcement officers go to work and put their lives on the line to protect our cities and our neighborhoods. This legislation makes it clear: an attack on law enforcement is an attack on our communities. I’m proud to stand with law enforcement and to support this bipartisan piece of legislation,” Kelly said.

BACKGROUND

H.R. 1551, the Protect and Serve Act:

  • Creates federal penalties for anyone who targets law enforcement officers and willfully harms them in the execution of a crime.
  • Creates a penalty of up to 10 years imprisonment for someone who attacks and injures an officer and a penalty of life in prison for someone who kills or kidnaps an officer.
  • Passed the House with broad bipartisan support in 2018 by a vote of 382-35.
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Davids, Colleagues Demand Trump Administration Scrap Plan That Would Raise Costs by Weakening Vehicle Fuel Efficiency

Source: United States House of Representatives – Congresswoman Sharice Davids (KS-3)

Today, Representative Sharice Davids (KS-03), Representative Doris Matsui (CA-07), and Senator Ed Markey (MA) led 78 total lawmakers in calling on the Secretary of Transportation Sean Duffy to withdraw the proposed rollback of Corporate Average Fuel Economy (CAFE) standards, as his attack on the standards would increase costs for hardworking Americans, reduce vehicle efficiency, and increase our reliance on foreign oil imports.

 

“Historically, strong CAFE standards have driven American innovation, from hybridization and advanced powertrains to aerodynamic breakthroughs,” wrote the lawmakers. “We currently have widely available and well-proven tools to keep improving fuel economy, which save Americans money at the pump and deliver more affordable, efficient, cleaner vehicles.”

 

Since 1975, fuel efficiency standards have saved American drivers thousands of dollars in fuel costs. The existing CAFE standards, finalized under the Biden Administration, were expected to save Americans more than $84 billion in fuel costs and other health benefits.

 

The Trump Administration’s proposed rollback of the CAFE standards would reduce the required fleetwide average fuel economy from 50.4 miles per gallon for Model Year (MY) 2031 vehicles to just 34.5 miles per gallon. This would effectively eliminate any requirement for automakers to improve fuel economy and is a clear violation of the requirement in law to set the maximum feasible standards, as automakers are already exceeding the proposed MY 2031 standards with a fleetwide average of 35.4 miles per gallon in MY 2024.

 

“We strongly urge the Department of Transportation to withdraw this misguided CAFE proposal and maintain the existing fuel economy standards,” the lawmakers concluded. “Weakening the fuel economy standards and forcing Americans to purchase more expensive, gas-guzzling vehicles would exacerbate the cost-of-living crisis and serve as yet another betrayal of President Trump’s promise to lower energy costs for the American people.”

  

In addition to the rollback of fuel economy requirements, the Trump Administration is also proposing to eliminate fuel-efficiency credits that help lower the cost of manufacturing electric vehicles — yet another thinly veiled attack on EVs.

 

This follows Republicans’ Big Ugly Bill, which eliminated penalties for automakers that fail to comply with fuel economy standards and instead sell vehicles that will cost drivers more at the pump. This means there’s effectively no requirement to follow the standards at all — leaving drivers with bigger bills and the United States more reliant on oil imports.

 

Full text of the letter is available HERE.

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Trahan’s Lifesaving Children’s Health Bills Signed into Law

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03), a member of the House Energy and Commerce Committee’s Health Subcommittee, celebrated the signing of two of her bipartisan children’s health bills into law after they were passed as part of a larger health care package. The Accelerating Kids’ Access to Care Act and the Creating Hope Reauthorization Act represent years of work to break down insurance barriers and ensure children with serious and complex medical needs can access lifesaving care without delay.

“For far too long, children battling rare diseases have been left to fend for themselves in a slow, complex health care system that underinvests in the treatments and cures they need while burying their families in paperwork, delays, and denials,” said Congresswoman Trahan. “These bills change that. The Accelerating Kids’ Access to Care Act cuts through red tape so children can receive lifesaving treatments without delay, and the Creating Hope Reauthorization Act ensures continued investment in therapies for rare pediatric diseases. Together, they give families hope and children a fighting chance.”

First introduced by Trahan in 2023, the Accelerating Kids’ Access to Care Act addresses harmful delays caused by insurance prior authorization requirements for children with complex and chronic conditions. The bill streamlines approval processes for pediatric specialists and treatments, helping ensure that children battling rare diseases can receive timely, often lifesaving care without families facing repeated denials or dangerous treatment delays.

The Creating Hope Reauthorization Act, which Trahan has worked to advance since first introducing the legislation in 2024, renews and improves the Creating Hope Priority Review Voucher program, a highly successful initiative that has helped bring new therapies and treatments to market for children with medical conditions that historically lacked investment. Reauthorizing the program ensures continued progress toward cures for rare childhood diseases that might otherwise be overlooked.

Both bills were developed in close partnership with families, patient advocates, researchers, and pediatric providers, and gained bipartisan support as Trahan worked across multiple Congresses to reintroduce, refine, and advance the legislation.

“Children with cancer have no time to waste when it comes to getting the right treatment. Delays can be dangerous—or even deadly,” said E. Anders Kolb, MD, President and CEO of Blood Cancer United. “That’s why the Accelerating Kids’ Access to Care Act is so crucial: it spares families from needless delays when time is of the essence. We are incredibly grateful to Representative Trahan for her leadership on this life-saving legislation.”

“NORD is grateful to see rare disease priorities, including the Mikaela Naylon Give Kids a Chance Act, signed into law by the President as part of the Labor-HHS spending bill. Reauthorizing the Rare Pediatric Disease Priority Review Voucher program is a vital step to incentivize the development of treatments for children with rare and life-threatening conditions. We thank Rep. Lori Trahan and all the champions of this bill for their leadership on behalf of rare disease families nationwide,” said National Organization for Rare Disorders CEO Pamela Gavin.

“The Accelerating Kids’ Access to Care Act is a real solution to a real problem faced by children and the providers who care for them. It will make the process easier for children in the Medicaid and CHIP programs with medical complexity who need to cross state lines for care and for their families, who often face barriers in accessing care in a timely manner,” said Boston Children’s Hospital CEO Dr. Kevin Churchwell. “Boston Children’s joined with more than 200 diverse stakeholders, including peer hospitals and patient advocacy groups, in advancing this policy solution. It is heartening to see this thoughtful and bipartisan measure pass through the Congress and be signed into law. This exciting development will help to remove barriers that often lead to worse outcomes for children and higher healthcare costs. I am so grateful to U.S. Congresswomen Trahan and Miller-Meeks for their leadership in the House and U.S. Senators Grassley and Bennet in the Senate.”

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Congressman Raul Ruiz Introduces the Humanitarian Standards for Individuals in ICE and CBP Custody Act

Source: United States House of Representatives – Congressman Raul Ruiz (36th District of California)

Washington, D.C. — Today, Congressman Raul Ruiz, M.D. (CA-25) introduced the Humanitarian Standards for Individuals in ICE and CBP Custody Act, legislation to require U.S. Immigration and Customs Enforcement (ICE) and U.S. Customs and Border Protection (CBP). The legislation ensures health screenings and identifies and treats emergencies for individuals held in federal custody.

Last year marked the deadliest period in more than 20 years, with over 56 people dying in ICE and CBP custody combined. These deaths underscore the urgent need for clear, enforceable standards to protect human life when individuals are in the custody of ICE and CBP.

These preventable tragedies have occurred amid record levels of detention and mounting concerns about delayed medical care, overcrowding, and inhumane conditions within immigration facilities.

The bill establishes medically sound, enforceable requirements to protect the health, safety, and dignity of individuals detained by ICE and CBP, including children, pregnant women, older adults, and people with disabilities or acute medical needs.

“There is an alarming rise in deaths of people in ICE and CBP custody and reports of inhumane conditions inside detention centers. The violence and brutality against non-violent criminal immigrants is wrong. I introduced the Humanitarian Standards for Individuals in ICE and CBP Custody Act to prevent deaths and protect human dignity,” said Rep. Raul Ruiz.

The Humanitarian Standards for Individuals in ICE and CBP Custody Act requires:

  • Mandatory initial health screenings
    • Conducted by licensed medical professionals within 12 hours of arrival
    • Within 6 hours for high-risk individuals (children, pregnant people, elderly, acute medical conditions)
  • Screening for violent and sexual trauma to ensure safety inside facilities
  • Continuity of prescribed medications
  • Guaranteed access to basic necessities
    • Drinking water
    • Age-appropriate food to meet daily needs
    • Toilets, hand-washing stations, showers
    • Diapers and essential hygiene products
  • Humane conditions for living
    • Sleep accommodations and blankets
    • Family unity protections
    • Disability accommodations
    • Access to outdoor time
    • Safeguards for vulnerable populations
  • Access to trauma-informed care and support services
    • For individuals who have experienced violence, rape, sexual abuse, or severe trauma
  • Interpreter services to ensure informed medical care
  • Mandatory training for ICE and CBP personnel
    • Humanitarian standards
    • Identifying and responding to life-threatening medical emergencies
    • Trauma-informed care
    • Child welfare protections
  • Oversight and accountability measures
    • Unannounced inspections by DHS Inspector General
    • GAO report to Congress
    • Public reporting of aggregate data on complaints of sexual abuse
  • Clear implementation timelines
    • DHS must submit an implementation plan within 60 days
    • Full implementation within six months of enactment

The legislation has been supported by 69 Members of Congress: Reps. Wilson, Moulton, Elfreth, Matsui, Norton, Barragan, Simon, Sylvia Garcia, Watson Coleman, Garamendi, Ansari, Morrison, Craig, Thanedar, Tonko, CHC Chair Espaillat, DWS, Schrier, Tokuda, Krishnamoorthi, Hank Johnson, Grijalva, Deborah Ross, Correa, Jacobs, Bell, Neguse, Salinas, Min, Liccardo, Kamlager-Dove, Ro Khanna, Quigley, Soto, Bobby Scott, Mullin, Davis, Goodlander, Goldman, Robin Kelly, Kaptur, Hoyle, Garcia, Cleaver, Morelle, Walkinshaw, Mfume, McClain Delaney, Bonamici, Pettersen, Brown, Castor, Vargas, Levin, Gomez, Nydia Velázquez, McBride, Steve Cohen, Stephen Lynch, Nadler, Lieu, Tim Kennedy, Rick Larsen, Brownley, Titus, Veasey, DeGette, Cherfilus-McCormick, Ritchie Torres, Sewell, Pocan, Lofgren, Subramanyam, and Frankel.

The bill has been endorsed by: LULAC; United Farm Workers (UFW); College of the Desert; Michael VanRooyen, MD, MPH, Director: Harvard Humanitarian Initiative and MGB Chair of Emergency Medicine; the American Psychological Association Services, Inc.; and, Alianza Nacional De Campesinas, Inc.

“It is crucial for the wellbeing of the people in detention to receive attentive and continuous medical treatment and be provided with living conditions that are not detrimental to their health,” said Mily Trevino-Sauceda, Executive Director of Alianza Nacional de Campesinas. “There is no justifiable reasoning for such punitive and inhumane treatment of detained persons, regardless of a person’s status. Congress can not accept further suffering of both adults and children and needs to support changes to current ICE and CBP practices, which currently deprives thousands of basic human dignity.” – Mily Trevino-Sauceda, Executive Director

“It is an important safeguard for the health of detainees and promotes basic standards for the health and well being of those in ICE and CBP custody. As an emergency physician and humanitarian leader, I endorse this approach to providing basic screening and protection to detainees. If I can be of further assistance in supporting the safe and humane treatment of those who are in ICE and CBP custody, I would be happy to speak to anyone.” – Michael VanRooyen, MD, MPH, Director: Harvard Humanitarian Initiative and MGB Chair of Emergency Medicine

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Krishnamoorthi Blasts Trump’s Call for Republican Takeover of U.S. Election System

Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

WASHINGTON — Congressman Raja Krishnamoorthi issued the following statement in response to President Donald Trump’s recent remarks calling for Republicans to “take over” and “nationalize” elections:

“President Donald Trump’s call for Republicans to ‘take over’ and ‘nationalize’ elections strikes at the heart of our Constitution: that no political party is entitled to control the vote. In America, elections belong to the people — a principle generations of Americans have fought and died to defend. The idea that a president could deploy the military, DHS, ICE, or any federal force to impose partisan control over elections is dangerous, unconstitutional, and fundamentally un-American. I will soon introduce legislation to make unmistakably clear that no president may use federal power to interfere with, control, or seize our elections.”

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Nadler Statement on NO Vote on 2026 Government Funding Package

Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

Nadler Statement on NO Vote on 2026 Government Funding Package

Washington, February 4, 2026

Today, Representative Jerrold Nadler (NY-12) released the following statement after voting against the Fiscal Year 2026 government funding package:  

“Congress has a moral obligation to withhold funds from ICE and not allow them to continue terrorizing communities across the country. While I support other components of this funding package, this bill gives ICE a blank check to continue their brutal and reckless campaign to strike fear in immigrant communities and kill Americans on the streets. In just the past two weeks, ICE murdered two Americans and kidnapped a five-year-old boy. 
 
“It is our legal and Constitutional right to conduct oversight, but the Administration has blocked Members who make unannounced visits to detention facilities because of the disgusting conditions. Last year over 30 people died in ICE custody, and just one month into 2026 at least six immigrants have died.

“ICE uses masks, separates children from their families, and conducts searches without warrants. One federal judge estimated ICE has violated more court orders just in the last 30 days than other agencies have in their entire existence. 

“With ICE violating court orders and Republicans in Congress condoning ICE’s actions, the easiest way to stop their lawless campaign of intimidation is to stop funding ICE. I cannot and will not in good conscience vote to continue funding ICE for one more day.”

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Casten, Smith Introduce Bill to Mitigate Climate Risk in US Financial System

Source: United States House of Representatives – Representative Sean Casten (IL-06)

February 04, 2026

Washington, D.C. — U.S. Representative Sean Casten (D-IL-06) and Senator Tina Smith (D-MN) introduced the Addressing Climate Financial Risk Act, legislation to improve the ability of federal regulators to understand and mitigate risks from climate change within our financial system.

Climate change is increasing the frequency and severity of wildfires, flooding, droughts, and other natural disasters and extreme weather events. The damage and risks generated by these events – in addition to changes needed to transition to a cleaner economy – threaten to severely disrupt real estate values across the country, reshape entire sectors of the economy, and make homeowners’ insurance increasingly unaffordable. At the same time, the Trump Administration is dismantling the progress made under the Biden Administration, which means our regulators are less informed, equipped, and prepared to deal with current and future climate-driven financial crises. Climate change threatens the stability of the U.S. financial system, which is why it is so important to ensure financial regulators approach it in a comprehensive way.

“Federal regulators must be able to fully assess and plan to combat all possible systemic risks to our financial system. That includes the very real risks posed by climate change,” said Rep. Sean Casten. “We’ve already seen financial devastation caused by hurricanes reaching the inland areas of North Carolina and Tennessee, wildfires in California, and flooding in Texas. Even under optimistic estimates, many homes in coastal Florida will likely be uninhabitable before their mortgages are paid off. We must act swiftly to safeguard our financial system against these rapidly accelerating climate risks.”

“Climate change is leading to increased financial risk, with communities across the country suffering billions of dollars in losses from climate and weather disasters,” said Senator Smith. “This is having a direct impact on rising prices and making life even more unaffordable. In Minnesota, we’ve seen dramatic increases in home insurance costs fueled by climate change and severe weather, putting homeownership further out of reach for many Americans. This legislation would help address climate-related risks to the financial system, including insurance, by requiring financial regulators to better monitor for and mitigate these crises.”

In the House, the bill is cosponsored by Representatives Kathy Castor, Ted Lieu, Kevin Mullin, Suzanne Bonamici, Yassamin Ansari, Jared Huffman, Melanie Stansbury, Nydia Velázquez, Julia Brownley, Dwight Evans, Dave Min, and Dan Goldman.

In the Senate, the bill is cosponsored by Senators Merkley, Warren, Heinrich, Van Hollen, and Padilla.

Specifically, the Addressing Climate Financial Risk Act would:

  1. Re-establish two climate-focused committees within the Financial Stability Oversight Council (FSOC), which will advise and inform the Council on best practices in identifying and mitigating climate financial risk. FSOC is composed of the heads of our banking, housing, securities, and insurance regulators and has the authority to address risks that threaten the stability of the U.S. financial system.

  2. Require FSOC to publish an updated report on climate financial risk, following the Biden Administration’s important 2021 report.

  3. Direct banking regulators to update non-binding supervisory guidance to include climate financial risk, which will help banks with more than $50 billion in assets better manage the short and long-term risks associated with climate change.

  4. Codify FSOC’s 2023 proposal to include climate financial risk in its analysis under FSOC’s process for designating firms as “systemically important”, allowing FSOC to use this underutilized tool to address threats posed by climate change.

  5. Direct the Federal Insurance Office (FIO) to publish an updated report on climate financial risk and continue its climate-related data call for 2023, 2024, and onward. For calendar years 2018-2022, FIO conducted a first-of-its-kind data collection to better understand how climate change was affecting homeowners’ insurance affordability and availability.

  6. Express the sense of Congress that our financial regulators should rejoin international climate organizations, including the Network for Greening the Financial System (NGFS).

Text of the legislation can be found here.

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