News | 01.30.19
Senate Democrats Press for Fed to Assess Climate Threats
Twenty Democratic senators are pressing the Federal Reserve and other financial regulators to home in on the risks climate change poses to the financial system and to ensure it can absorb shocks from extreme weather events and long-term effects. "Your agencies are responsible for protecting the stability of our financial system and supervising U.S. financial systems," the lawmakers said in a letter to the regulators. "However, we have seen no evidence that your agencies have seriously considered the financial risks of climate change or incorporated those risks into your supervision of financial institutions." The senators noted that central banks and bank supervisors in 18 other countries are already assessing climate risk.
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