US Treasury Scraps Financial Oversight Groups on Climate Risk

The US Financial Stability Oversight Council voted on Wednesday to disband two committees focused on climate change’s impact on the economy and financial stability.

During a meeting at the US Treasury Department, the council voted to revoke the charters of the Climate-related Financial Risk Committee and Climate-related Financial Risk Advisory Committee, established during the Biden administration.

“By rescinding these charters, the council can better focus its attention and resources on core financial stability issues and our efforts to promote economic growth and security, while maintaining safety and soundness and protecting consumers,” Treasury Secretary Scott Bessent said ahead of the vote. ...