Bloomberg Law
Nov. 5, 2020, 5:43 PM

Banks Should Disclose Climate Change Risks, SEC’s Lee Says

Andrew Ramonas
Andrew Ramonas
Securities Regulation Reporter

The SEC should create regulations for banks and other financial institutions to publicly disclose reliable information about the risks they face from climate change, Commissioner Allison Lee said Thursday.

The Democrat used her first speech since the election to highlight the need for environmental, social, and corporate governance reporting by financial firms. The Securities and Exchange Commission also should hire climate and sustainability experts and enhance staff training on climate matters, she said.

“We have all recently witnessed in real time the market consequences of waiting until a crisis is upon us to respond,” Lee said during Practising Law Institute’s ...