An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Financial Stability Oversight Council (FSOC)

A council of federal financial regulators, chaired by the Treasury Secretary, responsible for identifying risks to the financial stability of the United States.

Climate Financial Risk

The potential threats to the economy and financial system (like banks, insurance companies, and investments) that arise from climate change, such as physical damage from extreme weather or economic changes during the transition to a low-carbon economy.

Office of Financial Research (OFR)

An independent bureau within the U.S. Treasury Department that supports the Financial Stability Oversight Council by collecting data, conducting research, and developing tools to assess financial risks.

Regulatory and Supervisory Programs

The rules, oversight, and examination processes that government agencies use to ensure that financial institutions operate safely and soundly and comply with laws.

Climate-Related Disclosures

Information that companies or financial institutions publicly share about how climate change impacts their business, operations, and financial performance, including their exposure to climate risks and their efforts to address them.

Nonbank Financial Companies

Financial institutions that offer services similar to banks but do not hold a banking license, such as large investment firms, insurance companies, or mortgage lenders.