A resolution recognizing that climate change portends a cascade of financial market collapses that would destabilize the national and global economies.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 557 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
S. RES. 557

Recognizing that climate change portends a cascade of financial market 
  collapses that would destabilize the national and global economies.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 17, 2025

 Mr. Whitehouse (for himself, Mr. Merkley, Mr. Schatz, Mr. Markey, Mr. 
   Van Hollen, Ms. Duckworth, Mr. Padilla, Mr. Welch, and Ms. Blunt 
 Rochester) submitted the following resolution; which was referred to 
          the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                               RESOLUTION


 
Recognizing that climate change portends a cascade of financial market 
  collapses that would destabilize the national and global economies.

Whereas climate change drives and exacerbates extreme weather and disaster 
        events;
Whereas United States losses from extreme weather events totaled 
        $165,000,000,000 in 2022 alone;
Whereas more frequent extreme weather events and wildfires are making insurance 
        increasingly unaffordable and unavailable;
Whereas unavailable or unaffordable insurance will destabilize mortgage and 
        property markets, potentially resulting in a $25,000,000,000,000 decline 
        in global residential property values;
Whereas modelers project that unchecked climate change could cost the global 
        economy $178,000,000,000,000 in net present value from 2021 to 2070;
Whereas global financial experts warn that if climate change is not addressed, 
        worldwide per capita gross domestic product could decline by 10 to 20 
        percent within 3 decades;
Whereas national banks and the international Financial Stability Board predict 
        that climate change is causing and will continue to cause structural 
        risk to the global financial system; and
Whereas financial experts and banks agree that adjusting to the climate reality 
        by organizing an early and orderly transition to a low carbon economy 
        will avoid costly shocks to the system caused by a sudden and disorderly 
        transition: Now, therefore, be it
    Resolved, That the Senate recognizes that unchecked climate change 
poses severe risks to national and global economies.
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