About the bill
Should publicly traded companies be required to publicly reveal their business risks related to the climate crisis?
The Securities and Exchange Commission requires public companies to disclose “material risks” to the public and investors, but what qualifies as material risks is up to each individual company itself. As a result, what’s disclosed varies widely, even among companies in the same industry.
In particular, as the climate crisis has gotten consistently worse — with perpetually rising temperatures and accordingly disastrous weather and temperature extremes — many public companies have not been revealing climate-related risks as “material risks.”
What the legislation does
The Climate Risk Disclosure Act would require American public companies to disclose several climate-related risks to the Securities and Exchange Commission, and thus to shareholders and the public, including:
- The ...
Sponsor and status
Sponsor. Representative for Illinois's 6th congressional district. Democrat.
Last Updated: Oct 27, 2020
Length: 28 pages
116th Congress (2019–2021)
This bill was introduced on July 16, 2019, in a previous session of Congress, but it did not receive a vote.
What legislators are saying
“Casten Climate Priorities Included in the CFTC Market Risk Advisory Committee Report”
— Rep. Sean Casten [D-IL6] (Sponsor) on Sep 10, 2020
What stakeholders are saying
Jul 5, 2019
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
Jul 16, 2019
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
Oct 27, 2020
Reported by House Committee on Financial Services
A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.
H.R. 3623 (116th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 3623. This is the one from the 116th Congress.
This bill was introduced in the 116th Congress, which met from Jan 3, 2019 to Jan 3, 2021. Legislation not enacted by the end of a Congress is cleared from the books.
How to cite this information.
We recommend the following MLA-formatted citation when using the information you see here in academic work:
GovTrack.us. (2021). H.R. 3623 — 116th Congress: Climate Risk Disclosure Act of 2019. Retrieved from https://www.govtrack.us/congress/bills/116/hr3623
“H.R. 3623 — 116th Congress: Climate Risk Disclosure Act of 2019.” www.GovTrack.us. 2019. January 25, 2021 <https://www.govtrack.us/congress/bills/116/hr3623>
Climate Risk Disclosure Act of 2019, H.R. 3623, 116th Cong..
|title=H.R. 3623 (116th)
|accessdate=January 25, 2021
|author=116th Congress (2019)
|date=July 5, 2019
|quote=Climate Risk Disclosure Act of 2019
Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.