This bill creates two new committees within the Financial Stability Oversight Council—a government committee and an advisory committee—to focus specifically on how climate change poses risks to America's financial system. Right now, financial regulators don't have a coordinated way to assess and manage these climate-related risks, which could affect everything from bank stability to insurance availability to housing markets. The bill establishes a Climate Financial Risk Committee made up of staff from all the major financial agencies (like the Federal Reserve, SEC, and others) to share information and develop common approaches. It also creates an Advisory Committee on Climate Risk with up to 30 members including climate scientists, economists, insurance experts, investors, and consumer advocates to provide expert guidance. The bill requires the Financial Stability Oversight Council to publish annual reports assessing how climate risks threaten the U.S. financial system and make recommendations to Congress and regulators. Additionally, it directs federal banking agencies to update their supervision guidelines to ensure large banks (with over $50 billion in assets) are properly managing climate-related financial risks, and it requires the Federal Insurance Office to collect detailed data on homeowners insurance trends to understand how climate change is affecting the insurance market and overall financial stability.