SB5967 – Imposing a state climate resiliency and mitigation surcharge on large financial institutions financing the global fossil fuel industry.
Prime Sponsor – Senator Carlyle (D; 36th District; Seattle) (Co-Sponsor Rolfes -D)
Current status – Had a hearing in the Senate Committee on Ways and Means February 22nd.
Next step would be – Action by the committee.
Legislative tracking page for the bill.

Summary –
From 2023 through 2049, the bill would impose a climate resiliency and mitigation surcharge on financial institutions that are members of a consolidated financial group with an annual net income of at least $1 billion, and that are bankers of fossil fuel industries. If fossil fuel financing minus financing for renewable energy were 4% or more of the groups’ total financing for all industries, the rate would be 0.5%; if it were from 2.5% to 4% of total financing the rate would be 0.375%; and if it were less than 2.5% the rate would be 0.25%. However, institutions with a rate of 0.375% would be able to reduce their current 1.2% B&O surcharge to 1.075%, so they’d actually pay an additional 0.25%, and institutions with a rate of 0.25% would be able to reduce their current surcharge to 0.95%, so they’d actually break even. The rate would be adjusted each July, on the basis of published reporting by the Department of Commerce developed from “league tables published by a well-established financial data analytics and services firm that provides financial, economic, and government information covering industry sectors”. The revenue would go into the climate resiliency account along with some of the revenue from the cap and invest bill and could be spent in a variety of ways.