; and (2) by inserting and each voting member of the Council after The Chairperson . (c) Member agency statements Section 112 of the Financial Stability Act of 2010 ( 12 U.S.C. 5322 ) is amended by adding at the end the following: (e) Member agency statements After providing testimony pursuant to subsection (c), the head of each member agency shall submit to Congress a signed statement— (1) affirming that the member agency is taking all reasonable steps to ensure financial stability and to mitigate systemic risk that would negatively affect the economy; or (2) detailing additional steps that the member agency should take to ensure financial stability and to mitigate systemic risk that would negatively affect the economy. . 7. Climate change subcommittee (a) In general Subtitle A of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 et seq.), as amended by section 4, is further amended by adding at the end the following: 126. Climate change subcommittee (a) In general The Council shall establish a subcommittee of the Council that shall support the Council in identifying risks to, and in responding to emerging threats to, the stability of the United States financial system as a result of climate change. (b) Responsibilities (1) Subcommittee The subcommittee established under subsection (a) shall, not later than 1 year after the date of enactment of this section, and in consultation with the Office of Financial Research, submit to Congress an assessment of the risk posed by climate change to the efficiency, competitiveness, and stability of the United States financial system as a whole. (2) Council For each year after the year in which the assessment required under paragraph (1) is submitted, the Financial Stability Oversight Council shall include in the annual report required under section 112(a)(2)(N) an update to that assessment. (c) Composition The subcommittee established under subsection (a) shall be composed of— (1) the Chairman of the Board of Governors of the Federal Reserve System