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Yellen’s FSOC Deems Climate Change Threat to Financial Stability

Oct. 21, 2021, 10:15 PM

Treasury Secretary Janet Yellen on Thursday led a panel of top federal regulators in judging climate change to be an “emerging threat” to the nation’s financial stability, releasing tentative recommendations for how agencies should begin preparing to contain the risk.

The report, issued by the Financial Stability Oversight Council -- a Treasury Department-led umbrella for regulators including the Federal Reserve and Securities and Exchange Commission -- is an important first step in catching up with countries that have gone much further in assessing and addressing climate-related financial risks, a Treasury official said on a call with reporters.

Janet Yellen
Photographer: Samuel Corum/Bloomberg

The ...