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 legislationincluding 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 hasnt 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 ...
A little more insanity.
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?
Democrats are onto something: lets shred all of our paper currency so we be carbon neutral.
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?
Theyre worried that their coins may melt.
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.
They should be more worried about the next Ice Age.
Did I just wake up in StupidLand?
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.”
“We’re from the government and we’re here to help you.”
Why are they upset? Were all gonna die in 11 years anyway and we cant take it with us when we do.
The sky is falling The sky is falling
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.
so Deniers get NO MONEY = Blackmail
Can we give Hawaii to Japan?
Little whinny bastards.
This is the most ridiculous thing I’ve heard this week. And it was a crazy week!
create an advisory panel of climate scientists and economists = Real Big Scam
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.
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.
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