The Seers Who Cannot See - Financial regulators’ climate myopia is symptomatic of a regulatory regime that has lost touch with reality.

City Journal ^ | 16 Nov, 2023 | Dan Katz

[MtnClimber]

The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation recently finalized guidance detailing how financial institutions should manage “climate-related financial risks.” This action, tracking with international efforts to incorporate climate-change considerations into prudential regulation and even monetary policy, is just the latest example of President Joe Biden’s “whole-of-government” approach to climate change.

The climate guidance will not only be a drag on economic growth—as newly empowered regulators leverage it to push financial institutions’ capital away from disfavored activities like fossil-fuel development and toward less productive uses—but will also fail to buttress financial stability. As Fed governor Michelle W. Bowman explained in her dissent, the guidance has “limited or no utility . . . in managing risk.” It is symptomatic of a broader inadequacy in the regulatory regime, which has produced a system more fragile than most realize.

[MtnClimber]

The government should not have the ability to impose their pseudo-religion on their citizens.

[moovova]

The wife and I managing our climate-related risks in our retirement...

[Qwapisking]

interesting how mankind somehow believes that the weather is under man’s control. reminds me of a story about a mouse and an elephant I heard in the 6th grade.

[wildcard_redneck]

China controlled Joe will be the death of America.

[The Duke]

... of the fools, by the fools and for the fools.

[Worldtraveler once upon a time]

--- "...a regulatory regime that has lost touch with reality."

I am far too skeptical to accept that a "regulatory regime" has lost touch, per se, because almost everything the "regulatory regime" does seems fully IN TOUCH with corruption and aggrandizement for the few over the many.

In order to accomplish this, "narratives" falsifying reality are pressed in hopes that the rubes accept the "regulatory regime" narratives. That's how cons work, how fraud is perpetrated and how bunco crimes operate.

[MtnClimber]

A kakistocracy.

[Wallace T.]

I am a bit surprised it took the Biden Administration almost three years to get around to using the regulatory club to discourage energy lending. “Guidelines” is a regulatory weasel word for regulation, enforceable through softer tools like Matters Requiring Immediate Attention, then onward to informal Memoranda of Understanding and more formal ones like Formal Agreements. The four giant U.S. banks have withdrawn from energy lending but regional banks, especially in the Southwest, provide the financing infrastructure for drilling and support industries. By harassing these banks, the goal is to cripple the money flow needed to operate.

[lurk]

They’re not myopic. They have a very clear long term vision for what the world should look like.

[Varsity Flight]

✅📌

[pierrem15]

It's not myopia: the politicization of "risk" assessment is the goal: they don't need to pass any actual laws authorizing this, so the regulators can just expand their authority to force their own preferred policy goals with any pesky "democracy" getting in the way.

It's not only fossil fuels and other industries disfavored by the elite & their minions in the bureaucracy, it's gun stores and even politically disfavored political groups like the NRA who get labeled "high risk" so they can be debanked.

It's part of a thorough system of unlawful totalitarian social control.

[sauropod]

.

[Vaduz]

Everything this administration wishes to alter will fall climate-related risks program so far it’s working to well.

[Pajamajan]

"The government should not have the ability to impose their pseudo-religion on their citizens."

Or impose a scam on the citizens, based on the weather.

[Wuli]

“The government should not have the ability to impose their pseudo-religion on their citizens.”

The government should not be composed of individuals who think they have the right to use the levers of government to impose their pseudo-religions on the citizens.