US HB7246

H.R. 7246 - Addressing Climate Financial Risk Act of 2026

• Establishes the Climate Financial Risk Committee within the Financial Stability Oversight Council (FSOC) to identify and coordinate responses to climate-related risks to the financial system, led by the Deputy Assistant Secretary of the Council and protected from termination except by Act of Congress

• Creates an Advisory Committee on Climate Risk with up to 30 members including climate scientists, financial experts, consumer advocates, and investor representatives appointed for 3-year terms, explicitly excluding oil and gas industry stakeholders

• Requires FSOC to publish a climate financial risk report within 270 days of enactment and annually thereafter, assessing impacts on financial stability, insurance availability, regulatory coordination, and data quality gaps

• Mandates Federal banking agencies and the National Credit Union Administration to update supervisory guidance on climate financial risk for institutions with more than $50 billion in assets, covering credit, liquidity, market, operational, and reputational risks

• Directs the Federal Insurance Office to collect zip code-level homeowners insurance data on premiums, claims, cancellations, and non-renewals for 2023-2024, and publish annual reports thereafter assessing climate-related risks to insurance markets