02.24.21
Treasury May Be Able to Facilitate Climate Stress Tests on Financial Firms
by: Kate Davidson
The Treasury Department may be able to facilitate climate stress tests on U.S. financial companies, Treasury Secretary Janet Yellen said Monday, though the tests likely wouldn’t impose capital requirements or limit dividend payouts as existing stress tests do. Yellen, speaking at a conference, said the tests would be carried out by the Federal Reserve and other financial regulators and not the Treasury. But she said the Treasury may be able to facilitate the tests. Yellen added that she intends to create a hub within the Treasury to review the tax policy incentives and financial stability risks related to climate change and will appoint a senior official to lead the review.
Read the full article on Wall Street Journal.