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A 7688

Establishes the "climate safe & responsible bank procurement act"

2025 Regular Session Introduced by Chris Burdick

A 7688 - Climate Safe & Responsible Bank Procurement Act OverviewBill Number: A 7688 Title: Establishes the "Climate Safe & Responsible Bank Procurement Act" Status: REFERRED TO

REFERRED TO BANKS
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Bill Summary · A 7688

A 7688 - Climate Safe & Responsible Bank Procurement Act

Overview

Bill Number: A 7688
Title: Establishes the "Climate Safe & Responsible Bank Procurement Act"
Status: REFERRED TO BANKS
Introduced: April 04, 2025

Purpose and Intent

The primary goal of this bill is to require banks and other financial institutions to adopt sustainable and environmentally responsible procurement practices. The legislation aims to leverage the significant purchasing power of the banking sector to drive broader adoption of climate-friendly goods and services across the economy.

Key Provisions

  • Mandates that all banks and credit unions with over $1 billion in assets establish a "Climate-Safe Procurement Policy" within 12 months
  • Requires these policies to prioritize the procurement of products and services that meet defined environmental and sustainability criteria
  • Prohibits the use of taxpayer-backed funds for the purchase of goods or services that do not meet the climate-safe standards
  • Directs the state banking regulator to develop and maintain the specific criteria for "climate-safe" designations
  • Establishes annual reporting requirements for banks to demonstrate compliance with the new procurement rules

Affected Parties and Impacts

  • Banks and credit unions over $1 billion in assets would be required to overhaul their procurement practices to meet the new climate-safe standards
  • Businesses that provide goods and services to the banking sector would need to adapt their offerings to qualify for bank contracts
  • Consumers and taxpayers would benefit from reduced environmental impact and more sustainable banking operations
  • The state banking regulator would take on new responsibilities for defining and enforcing the climate-safe procurement criteria

Procedural and Timeline Considerations

This bill has been referred to the state's Banks Committee for initial consideration. If approved by the committee, it would then proceed to a full floor vote in the state legislature. If passed, the 12-month implementation timeline would begin, requiring banks to establish their new procurement policies. Ongoing compliance and reporting requirements would be enforced by the state banking regulator.

Compiled from official sources — confirm details with the bill’s official record.

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