; (B) in subparagraph (I), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (J) divestiture of financed emissions, as defined in section 15 of the Bank Holding Company Act of 1956. . (2) Required standards Section 165(b)(1)(A) of the Financial Stability Act of 2010 ( 12 U.S.C. 5365(b)(1)(A) ) is amended— (A) in clause (iv), by striking and at the end; (B) in clause (v), by striking the period and inserting ; and ; and (C) by adding at the end the following: (vi) emissions reduction plans in accordance with section 15 of the Bank Holding Company Act of 1956. . 4. Reports (a) Definitions In this section: (1) Covered bank holding company; financed emissions The terms covered bank holding company and financed emissions have the meanings given the terms in section 15 of the Bank Holding Company Act of 1956, as added by section 2 of this Act. (2) Science-based emissions targets The term science-based emissions targets means reduction in greenhouse gas emissions consistent with preventing an increase in global average temperature of not less than 1.5 degrees Celsius compared to pre-industrial levels. (b) Initial report Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall submit to Congress a report that— (1) identifies the current level of financed emissions in the financial system of the United States; (2) includes an analysis of trends in financed emissions reductions; (3) includes a summary of the commitments of covered bank holding companies to reduce financed emissions; (4) estimates the financed emissions in the financial system of the United States needed to meet science-based emissions targets; (5) identifies regulatory gaps in reducing financed emissions that cannot be addressed with authorities of the Board and recommendations for addressing such gaps; (6) identifies data quality challenges for assessing financed emissions and recommendations to address those challenges