Despite opposition from parts of Congress, the Biden administration’s financial regulators continue to make the world’s climate crisis a financial regulation priority.
This week the Treasury has announced that ‘announced that the Federal Insurance Office (FIO), in response to President Biden’s May 2021 executive order on climate change, is requesting information and soliciting public comment [comments are due mid-November] on the insurance sector and climate-related financial risks.’
Randal Quarles, Vice-Chairman of the International Financial Stability Committee, addressed the International Conference on Climate Change in Venice (Italy) in July.
On the House side, House Intelligence Committee chairwoman Maxine Waters made the statement at a financial services committee hearing in June on the theme “Addressing Climate as a Systemic Risk.”
U.S. PIRG, the state-owned PIRGs and our sister organizations Environment America and Frontier Group have released a number of reports about the need to take bold measures in searching for climate solutions before it is too late.
We look forward to continuing to collaborate with Congress and the Biden administration to ensure that the financial system, energy, transportation, and other business sectors respond to the climate crisis before it is too late.
Climate change
Climate change includes both global warming driven by human-induced emissions of greenhouse gases and the resulting large-scale shifts in weather patterns. (wikipedia)
Gary Gensler
Gary Gensler is an American former investment banker, and former government official who is now the chairman of the U.S. Securities and Exchange Commission. (wikipedia)
Randal Quarles
Randal Keith Quarles is an American government official, private equity investor and attorney who has served as a member and Vice Chair of the Federal Reserve for supervision since October 2017. (wikipedia)
United States Treasury security
United States Treasury securities are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. (wikipedia)
Pat Toomey
Patrick Joseph Toomey Jr. is an American businessman and politician serving as the junior United States Senator from Pennsylvania since 2011. A member of the Republican Party (wikipedia)
Sherrod Brown
Sherrod Campbell Brown is an American politician and retired educator serving as the senior United States Senator from Ohio, a seat to which he was first elected in 2006. (wikipedia)
United States Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, which is concerned with all financial and monetary matters relating to the federal government, (wikipedia)
U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a large independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. (wikipedia)
Climate finance
Climate finance is “finance that aims at reducing emissions, and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of, (wikipedia)
