# 119-hr-10746: Fossil Free Finance Act of 2026

119-hr-10746, Fossil Free Finance Act of 2026, is a 119th Congress bill sponsored by Rep. Pressley, Ayanna [D-MA-7] (D-MA); status introduced; PRIA reads it as touching household money (as of 2026-10-11).

- Canonical: https://policyrisk.com/legislation/119-hr-10746
- As of: 2026-10-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-10746
- Congress: 119
- Title: Fossil Free Finance Act of 2026
- Status: introduced
- Introduced: 2026-10-05
- Sponsor: Rep. Pressley, Ayanna [D-MA-7] (D-MA)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-10-11

## Summary

**Align U.S. financial sector emissions with science-based targets.** This bill would require large bank holding companies to write and implement emission-reduction plans that cut financed and facilitated emissions, stop new fossil projects, and phase out fossil fuel financing over time. - Covered banks: Bank holding companies with at least $50 billion in assets would need to submit emission-reduction plans to the Federal Reserve within 210 days and at least biennially after that. - Targets and limits: Plans must aim for a 50% reduction in financed emissions by 2035 and net zero by 2050. Plans may not rely on carbon offsets and must quickly end new or expanded fossil fuel projects and thermal coal financing. - Workers, communities, and regulators: Plans must prioritize worker severance and retraining and limit lending that harms low-income or minority communities. The Financial Stability Oversight Council and the Fed would gain authority to require divestitures and other measures, the FDIC could act on noncompliance, and the Fed must collect data and report progress to Congress.

## Cosponsors (1)

- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2026-10-05T00:00:00.000Z

## Provisions PRIA read

- Penalties and possible loss of deposit insurance: cost, high. If enacted, the Federal Reserve could penalize a covered bank holding company that fails to submit or meet its emissions plan and require it to sell assets to comply. The Fed would notify the FDIC of noncompliance. After that notice, the FDIC could end deposit insurance for an insured bank controll…
- New oversight for firms' fossil emissions: cost, medium. If enacted, the Financial Stability Oversight Council would consider a company's contribution to financial-sector emissions when deciding which nonbank firms need extra supervision. Prudential standards would be changed to require emissions-reduction plans and to include divestiture of emissions-li…
- Big banks must file emissions plans: mixed, high. If enacted, bank holding companies with at least $50 billion in assets would have to submit an emissions-reduction plan to the Federal Reserve within 210 days. Plans would pick a baseline within 2 years, cut financed emissions 50% by January 1, 2035, and reach zero by January 1, 2050. Banks would s…

## Related bills

- 119-hr-9877: Health Equity and Accountability Act of 2026
- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-7973: Momnibus Act
- 119-hr-2038: American Housing and Economic Mobility Act of 2025
- 119-hr-5658: Child Care for Every Community Act
- 119-hr-3971: Domestic Workers Bill of Rights Act

## Sources
- [119-hr-10746 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/10746)

## Related
- [119-hr-9877: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-hr-9877)
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973)
- [119-hr-2038: American Housing and Economic Mobility Act of 2025](https://policyrisk.com/legislation/119-hr-2038)
- [119-hr-5658: Child Care for Every Community Act](https://policyrisk.com/legislation/119-hr-5658)
- [119-hr-3971: Domestic Workers Bill of Rights Act](https://policyrisk.com/legislation/119-hr-3971)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-10746 (as of 2026-10-11).