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H.R. 3623: Climate Risk Disclosure Act of 2019

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About the bill

Should publicly traded companies be required to publicly reveal their business risks related to the climate crisis?

Context

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

Sean Casten

Sponsor. Representative for Illinois's 6th congressional district. Democrat.

Read Text »
Last Updated: Jul 5, 2019
Length: 26 pages
Introduced
Jul 5, 2019
116th Congress (2019–2021)
Status

Ordered Reported on Jul 16, 2019

The committees assigned to this bill sent it to the House or Senate as a whole for consideration on July 16, 2019.

Prognosis
3% chance of being enacted according to Skopos Labs (details)
Source

Position statements

What legislators are saying

Casten, New Democrat Coalition Members Urge House Action on Climate Change Legislation
    — Rep. Sean Casten [D-IL6] (Sponsor) on Jul 29, 2020

New Democrat Coalition Continues Leadership on Climate Change
    — Rep. Elaine Luria [D-VA2] on Mar 12, 2020

New Democrat Coalition Continues Leadership on Climate Change
    — Rep. Donald Beyer [D-VA8] on Mar 12, 2020

More statements at ProPublica Represent...

What stakeholders are saying

R Street Institute SpendingTracker.org estimates new spending due to H.R. 3623 will be negligible.

History

Jul 5, 2019
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Jul 16, 2019
 
Ordered Reported

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.

If this bill has further action, the following steps may occur next:
 
Passed House

 
Passed Senate

 
Signed by the President

H.R. 3623 is 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.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 3623 — 116th Congress: Climate Risk Disclosure Act of 2019.” www.GovTrack.us. 2019. August 7, 2020 <https://www.govtrack.us/congress/bills/116/hr3623>

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.