Washington (AP) — US Treasury Secretary Janet Yellen is one of the top US regulators to assess the potential risks climate change poses to the US financial system as part of a broader initiative launched by the Biden administration. Will lead the efforts by. Yellen said a regulatory review conducted by the Financial Stability Oversight
Washington (AP) — US Treasury Secretary Janet Yellen is one of the top US regulators to assess the potential risks climate change poses to the US financial system as part of a broader initiative launched by the Biden administration. Will lead the efforts by.
Yellen said a regulatory review conducted by the Financial Stability Oversight Commission will investigate whether banks and other lenders properly assess risks to financial stability. She chairs a committee that includes the Treasury, the Federal Reserve System, the Securities and Exchange Commission, and other financial regulators.
“The current financial system is not producing credible disclosure,” Yellen said in a statement made in Washington in preparation for the Venice International Climate Conference.
As part of President Joe Biden’s government-wide approach, Yellen said the Financial Stability Oversight Commission will consider what should be done to improve current regulations on climate-related financial disclosure.
The council was established by the council in 2010 to improve regulatory coordination following the 2008 financial crisis.
Bank executives are concerned that government efforts could lead to increased regulatory oversight, boosting the bank’s operating costs and reducing its ability to lend.
Yellen said the United States also intends to focus more resources on the fight against climate change with the support of the International Monetary Fund, the World Bank and other multilateral development banks. The World Bank and Regional Development Bank are the primary sources of financing used by poor countries for dams and other development projects.
“Developing countries are particularly vulnerable to climate change with impacts on poverty, food security and health affected by extreme weather shocks,” Yellen said.
She says the government is supporting international efforts to mobilize $ 100 billion annually from a variety of public and private sources to support efforts by developing countries to combat climate change. Stated.
Yellen said he would convene a summit of international lenders to discuss ways to better coordinate their efforts with the Paris Agreement. The Trump administration has removed the United States from the Paris Agreement, but Biden overturned that decision after taking office this year.
Since taking office as Treasury Secretary, Yellen has been one of the administration’s main voices to support the government’s efforts to combat climate change.
The administration is also making great strides to include huge investments in delaying global warming in the trillion-dollar infrastructure spending measures Biden is seeking approval from Congress. The effort ran into Republican opposition in various Biden climate initiatives that were removed from bipartisan infrastructure measures.
Environmentalists say Biden’s ambitions include the larger Democratic-only package currently under development, shifting the country to carbon-free electricity and becoming a global leader in the use of electric vehicles and the creation of millions of jobs. In the solar, wind and other clean energy industries, it says it needs to meet its climatic promises.
Sunday’s International Conference on Climate in Venice followed Saturday’s meeting of financial officials from a group of 20 major economies in Venice. The group supported a drastic revision of international taxation, including a 15% global minimum tax on companies, to discourage large companies from looking for low-tax tax havens.
This measure will be an important agenda for Biden and other G20 leaders to hold a summit meeting in Rome from October 30-31.
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