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 ...
This is the left’s ongoing “Social Justice” agenda being forced through the corporate structure in order to institutionalize it.
Are we talking about a bank freeze?
Its a move to completely remove the ability of the voters to change the grand leftist agenda by institutionalizing it.
Probably based on the frank dodd extortion rules. They want them back cause they profited from them.
No home or business loans for people or business within 10 miles of an ocean coastline because of the 2 million year climate change conspiracy ocean rise.
The lunatics have taken over the asylum.
Environmental Impact Studies, as mandated by the EPA, DER, DEP & ACoE, can take years and cost millions.
Can someone explain to me what climate injustice is? After the Yale/Harvard game protest yesterday, that phrase was being thrown around.
I think the climate injustice bit is about women and minorities being hit hardest.
Ok so they want some of that money that’s in banks that they don’t control. The excuse this time is climate change.
Storm windows and ceiling fans???
Looks like they just tipped their hat as to where the next source of their graft is coming from, now that the Ukrainian laundromat is going outta business.
Agreed. What a load of Schiff!
just say no.
Wiki: Climate justice is a term used for framing global warming as an ethical and political issue, rather than one that is purely environmental or physical in nature. ... In 2017, a report of the United Nations Environment Programme identified 894 ongoing legal actions worldwide.
Yale-Harvard game article:
https://www.cnn.com/2019/11/23/us/harvard-yale-climate-protest-trnd/index.html
Last Paragraph in article sums it up: total bullshit...
“Amid our larger academic and institutional efforts, debate over investment policy — including demands to divest from the fossil fuel industry — will no doubt continue at Harvard and beyond. This debate is healthy,” Bacow wrote. “And while I, like my predecessors, believe that engaging with industry to confront the challenge of climate change is ultimately a sounder and more effective approach for our university, I respect the views of those who think otherwise. We may differ on means. But I believe we seek the same ends — a decarbonized future in which life on Earth can flourish for ages to come.”
Morons don’t understand that EVERYTHING ON EARTH IS CARBON-BASED. They just want a never-ending cause celeb.
Perfect solution for saving taxpayer monies.
I ask propose to eliminate the commercial production of marijuana since it is CO2 intensive (1200-1500ppm)
(ThinkProgressives would rethink that?)
It sounds like institutionalized bank fraud to me.
#HangThemAll
“But start effing with the money, and I’m going to have a real problem with them.”
They’ve been doing that since 1933.
L
Really, climate change and banks?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.