US SB3711

Establishes the Climate Financial Risk Committee within the Financial Stability Oversight Council (FSOC) to identify and coordinate responses to climate-related risks to the U.S. financial system, led by the Deputy Assistant Secretary of the Council with staff from all FSOC member agencies.

Creates the Advisory Committee on Climate Risk with up to 30 members serving staggered 3-year terms, including climate scientists, financial risk experts, consumer advocates, and investor representatives, with oil and gas industry stakeholders explicitly excluded.

Requires FSOC to publish an annual climate financial risk report within 270 days of enactment, assessing impacts on financial stability, insurance availability, regulatory expertise gaps, and international disclosure comparisons.

Directs federal banking agencies 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.

Mandates the Federal Insurance Office to collect zip code-level homeowners insurance data on premiums, claims, cancellations, and non-renewals beginning with calendar years 2023-2024, with annual public reports thereafter.