Browsing: Climate change

Newsbytes

The American Legislative Exchange Council’s board last week rejected a proposed model bill that would have required states to stop doing business with companies considered to be boycotting fossil fuels and other related industries.

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Barring congressional action, it would be inappropriate for the Federal Reserve to use monetary policy or supervisory tools to promote a greener economy or achieve other climate-based goals, Fed Chairman Jerome Powell said this week.

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Federal efforts to gauge how well large banks are prepared to handle climate change risks will differ from traditional stress tests in that they are not about capital, representatives from the Office of the Comptroller of the Currency and Federal Housing Finance Agency said Tuesday.

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Acknowledging that the FDIC does not currently incorporate the financial risk of climate change into its supervisory program, Acting Chairman Martin Gruenberg said today the agency needs to “clearly communicate” what its intentions are as it begins to explore those risks.

Compliance and Risk

The current environment of swiftly rising interest rates, combined with tighter financial conditions, greater market volatility and slowing global growth “could test many of the long-standing and growing vulnerabilities in the global financial system,” the Financial Stability Board said.

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