"A Financial Stability Oversight Council report could lead to more regulatory action and disclosure requirements for banks."
"WASHINGTON — Climate change is an “emerging threat” to the stability of the U.S. financial system, top federal regulators warned in a report on Thursday, setting the stage for the Biden administration to take more aggressive regulatory action to prevent climate change from upending global markets and the economy.
The report, produced by the Financial Stability Oversight Council, is the clearest expression of alarm to date about the risks that rising temperatures and seas pose to the economy and could herald sweeping changes to the kinds of investments made by banks and other financial institutions.
It was released as President Biden and senior administration officials prepare to attend the U.N. Climate Change Conference in Glasgow, where the United States will try to demonstrate to the world that it is serious about addressing the climate threat. Mr. Biden’s climate agenda has stalled in Congress, leaving financial regulation as one of the few areas he can point to as evidence of his commitment on warming."