US HB2823

Requires the Federal Reserve to develop three climate change risk scenarios (1.5°C, 2°C, and current-trajectory warming) within one year, in coordination with federal climate science agencies including NOAA, EPA, and NASA

Mandates biennial climate stress tests for large financial institutions with $250 billion+ in assets (or $100 billion+ if deemed systemically important), evaluating whether they have sufficient capital to absorb losses under each climate scenario

Establishes a 10-member Climate Risk Scenario Technical Development Group composed of climate scientists and economists to advise on scenario development and provide technical assistance to financial institutions

Requires covered entities to submit climate risk resolution plans with capital policies and targets to address vulnerabilities; the Federal Reserve may reject plans and restrict capital distributions for non-compliant institutions

Creates a sub-systemic exploratory survey for smaller financial institutions ($10 billion+ in assets) to assess climate risk exposure and adaptation plans, with results reported publicly on a biennial basis