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Democratic Senators Want the Fed to Better Prepare Banks for Climate Change
Wall Street Journal ^ | November 21, 2019 | Michael S. Derby

Posted on 11/24/2019 2:00:40 PM PST by karpov

A group of Democratic senators, half of whom currently running for president, are supporting a new bill that would direct the Federal Reserve to formally factor climate-change risks into its oversight of large financial firms.

Sen. Brian Schatz, (D., Hawaii) announced on Wednesday that he was joining with nine other Democrat senators on the legislation—including presidential hopefuls Sens. Elizabeth Warren (D., Mass.), Michael Bennet (D., Colo.), Cory Booker (D., N.J.), Amy Klobuchar (D., Minn.) and Kamala Harris (D., -Calif.). Rep. Sean Casten (D., Ill.) has introduced a companion bill in the House of Representatives.

The bill, if passed, directs the Fed to more formally incorporate climate-change-related risks into its regulatory regime for the financial sector. It would order the Fed to specifically “stress test” firms with more than $250 billion in total assets to ensure they can withstand the trouble that climate change can bring to the economy and the financial system.

The bill also would direct the Fed to create an advisory panel of climate scientists and economists to create scenarios for the stress testing. Affected firms would also be required to come up with plans for various climate-related contingencies, including fire and rising seawater.

The Federal Reserve hasn’t cropped up as much of a topic in the Democratic presidential race, but the sponsorship of the bill offers some hints about how at least some of the candidates view the central bank and its role in the economy.

“While our federal regulators are legally obligated to manage and reduce risks in the financial system, they have been ignoring the growing financial risks of climate change,” Mr. Schatz said in a statement announcing the legislation.

(Excerpt) Read more at wsj.com ...


TOPICS: Business/Economy; Government
KEYWORDS: bankfraud; banking; banks; democrats; fakescience; federalreserve; finance; fraud; globalwarming; senate
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This sounds like a boondoggle intended to discourage banks from making loans to oil and natural gas producers that the Left dislikes. A "stress test" is supposed to capture banks' exposure to sudden changes in the economy and financial markets, not to a slowly changing climate.
1 posted on 11/24/2019 2:00:40 PM PST by karpov
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To: karpov

A little more insanity.


2 posted on 11/24/2019 2:01:54 PM PST by Sacajaweau
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To: karpov

Would this mean something like no more housing loans for the Miami-Dade or eastern seaboard homes since they will be flooded or ravaged by rising ocean storms?


3 posted on 11/24/2019 2:02:29 PM PST by monkeyshine (live and let live is dead)
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To: karpov

Democrats are onto something: lets shred all of our paper currency so we be carbon neutral.


4 posted on 11/24/2019 2:02:50 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: karpov

oh geez, not this *%**^ again.

Can you imagine if, in planning the Normandy invasion, General Eisenhower had been directed to take global warming impacts into account, in planning that campaign?


5 posted on 11/24/2019 2:02:53 PM PST by Dilbert San Diego
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To: karpov

They’re worried that their coins may melt.


6 posted on 11/24/2019 2:03:23 PM PST by reg45 (Barack 0bama: Gone but not forgiven.)
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To: karpov

I don’t mind when the lunatics run around with their normal crazy stuff. But start effing with the money, and I’m going to have a real problem with them.


7 posted on 11/24/2019 2:04:35 PM PST by DesertRhino (Dog is man's best friend, and moslems hate dogs. Add that up. ....)
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To: reg45

They should be more worried about the next Ice Age.


8 posted on 11/24/2019 2:04:39 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: karpov

Did I just wake up in StupidLand?


9 posted on 11/24/2019 2:04:41 PM PST by HIDEK6 ( God bless Donald Trump.)
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To: karpov

Thats exactly what it is, its to punish enemies of the Democrat party. They will do the same thing with gun manufacturers citing “public health.”


10 posted on 11/24/2019 2:04:54 PM PST by Husker24
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To: karpov

“We’re from the government and we’re here to help you.”


11 posted on 11/24/2019 2:06:10 PM PST by BenLurkin (The above is not a statement of fact. It is either opinion or satire. Or both.)
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To: Husker24

Why are they upset? We’re all gonna die in 11 years anyway and we can’t take it with us when we do.


12 posted on 11/24/2019 2:06:25 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: karpov

The sky is falling The sky is falling


13 posted on 11/24/2019 2:06:34 PM PST by antidemoncrat
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To: karpov

The communists are broke and totally out of “other peoples’ money”, and their existing “legalized theft” programs are just not providing them with enough money to carry on the massive evil schemes. So they drool over the trillions that could be foisted upon the “unwashed masses” in fees, taxes, etc. from “climate change” legislation. The vile SOBs also drool over the trillions that are in the working stiffs’ IRAs/401ks etc. that they’d love to confiscate as well. The whole damn lot of em should be tarred & feathered and run out of DC on a rail.


14 posted on 11/24/2019 2:08:30 PM PST by lgjhn23 (It's easy to be liberal when you're dumber than a box of rocks.)
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To: karpov

so Deniers get NO MONEY = Blackmail


15 posted on 11/24/2019 2:13:27 PM PST by butlerweave
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To: karpov

Can we give Hawaii to Japan?
Little whinny bastards.


16 posted on 11/24/2019 2:14:07 PM PST by hadaclueonce ( This time I am Deplorable)
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To: karpov

This is the most ridiculous thing I’ve heard this week. And it was a crazy week!


17 posted on 11/24/2019 2:14:46 PM PST by Rummyfan (In any war between the civilized man and the savage, support the civilized man. Support Israel.)
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To: karpov

create an advisory panel of climate scientists and economists = Real Big Scam


18 posted on 11/24/2019 2:15:03 PM PST by butlerweave
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To: karpov

What they’re really doing is preparing for the vast sums of revenue that will be funneled here and around the world once they impliment carbon tax’s etc. as well as further consolidating the finacial institutions into ‘one’ controlled system.


19 posted on 11/24/2019 2:17:14 PM PST by caww
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To: karpov

What they’re really doing is preparing for the vast sums of revenue that will be funneled here and around the world once they impliment carbon tax’s etc. as well as further consolidating the finacial institutions into ‘one’ controlled system.


20 posted on 11/24/2019 2:17:14 PM PST by caww
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