Biden & Financial Regulators Must Follow Through On Action To Prevent A Climate Crash

Following Executive Order, Upcoming FSOC Report Should Call For Regulators To Use Every Tool At Their Disposal To Address Climate Risk

Today, President Biden met with America’s top financial regulators to discuss the health of the financial system and his administration’s key regulatory priorities, including addressing climate risk. Evergreen Action Executive Director Jamal Raad issued the following statement:

“Today’s meeting between President Biden and America’s top financial regulators could not have come at a more important time. Without swift action from regulators, we risk our economy hurtling towards the cliff of a climate-fueled crash. The President’s Executive Order was a starting gun to address climate risk in our financial system and he should be using every opportunity, including today’s meeting, to emphasize the need to protect our economy from climate risk and stop Wall Street from making the climate crisis worse. Regulators missed their opportunity to intervene to prevent the Great Recession; we cannot afford to make the same mistake now.

“The upcoming Financial Stability Oversight Council report, as ordered by the President last month, will be a test of whether Biden’s administration is willing to use all of the tools at its disposal to not only measure and disclose, but also mitigate climate risk. Regulators have the information and the authority they need to protect our economy from the massive threat that climate risk poses—at this point, inaction is inexcusable.”