If this council wants to sincerely address financial stability in the USA, they need to embrace the climate crisis in it's reality and end the dangers of greenhouse gases aggressively.
...An interagency panel of financial regulators (click here) on Thursday approved a series of recommendations meant to help the federal government identify and fend off climate-related risks to the financial system.
The Financial Stability Oversight Council (FSOC) (click here) on Thursday issued a long-awaited report on the ways climate change and the societal response to it can pose risks across the financial sector.
The report does not order member agencies to take any direct regulatory action, nor does it call for mobilizing the financial sector against the fossil fuel industry. Instead, the FSOC report lays out a series of steps regulators should take to help the U.S. match other nations with stronger climate finance regimes.
Who else is on board?: FSOC also includes the leaders of the Federal Reserve Board, Securities and Exchange Commission, Commodity Futures Trading Commission, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., Consumer Financial Protection Bureau, Federal Housing Finance Agency, and National Credit Union Administration, along with an independent member with insurance industry experience.
All FSOC members voted to recommend the report except for FDIC Chair Jelena McWilliams, a Trump appointee who abstained from the voting but expressed a general concern with the financial impact of climate change. McWilliams is one of two Trump appointed FSOC members - including Fed Chair Jerome Powell - but is the sole Republican on the FDIC board.
While some FSOC member agencies have already begun accounting for climate risks, the report marked a breakthrough moment of relative agreement among financial regulators, who had long ignored such issues until President Biden's election....
