Posted on 03/23/2021 1:29:18 PM PDT by Hojczyk
Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell said Tuesday that they are moving full steam ahead with plans to assess the implications of climate change to the financial system.
“It is an exploration in understanding better what are the risks to the financial system. We feel like that’s our obligation,” Powell told the House Financial Services Committee in testimony.
Yellen, testifying alongside Powell, said that financial institutions and regulators need to “better understand the risks that climate change poses to the health and resilience” of the financial system.
Their commentary suggests that U.S. regulators will continue to ramp up efforts to supervise how banks and other financial institutions evaluate and disclose their exposure to extreme weather events.
The Fed, which serves as a primary regulator for the largest banks, has already made initial steps toward a formal approach to climate risks. Fed Governor Lael Brainard has been leading efforts within the central bank, floating the possible use of “scenario” tests to gauge the strength of a bank to withstand different hypothetical climate shocks.
(Excerpt) Read more at finance.yahoo.com ...
These people are all fools... disclose their exposure to extreme weather events.
If you look at history we are having less extreme events...
Wouldn’t it be more prudent to start Mandatory Drug and Alcohol Testing starting from the TOP, DOWN??
These people just milly mouth. They don’t even make sense. Good grief!
Climate change has nothing to do with environment and everything to do with Capitalism. Pelosi/Biden's second Trillion bailout means HIGHER TAXES FOR ALL... and a weaker dollar.
They want banks to go through an expensive and time consuming “stress test” over climate change risks. But there is no scorecard and no “reason” to do this. Trust me, the compliance and operations folks have better things to do.
Participating in that crap in 2002 was tedious enough. I cannot imagine writing up summaries of what would happen if it was hot outside; or raining. It was like an hour per scenario AFTER WE CAME UP WITH THE BOILER PLATE. And every couple of days they would add a scenario or twist on it.
But...there WAS a pandemic plan.
Insanity
I KNOW. Print trillions of dollars and give them to democrats.
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