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Sun Sep 19, 2021, 08:05 AM

Janet Yellen faces climate test as environmentalists push for more aggressive financial action [View all]

Source: Washington Post

While President Biden has called climate change a “code red” crisis, his treasury secretary is poised to resist calls to ask financial regulators to rein in lending to the nation’s worst greenhouse-gas emitters.

Treasury Secretary Janet L. Yellen is currently leading a review of what federal banking regulators should do to ensure the financial system is protected from climate-related risks. While the Biden administration pursues separate climate legislation with Congress, environmental groups want Yellen to use the lesser-known financial review process to advance measures to curb or discourage lending from Wall Street banks to companies that produce large amounts of carbon emissions.

These advocates insist that existing federal power to ensure financial stability enables regulators to impose new rules to mitigate climate change. They suggest that unfettered lending to companies responsible for greenhouse gas emissions threatens the broader financial system through economic shocks.

For now, however, Treasury officials appear unlikely to embrace the most dramatic steps pushed by climate advocates, according to interviews with four senior administration officials, who spoke on the condition of anonymity to reflect thinking on a matter not yet finalized.

Read more: https://www.washingtonpost.com/us-policy/2021/09/18/treasury-yellen-climate-change/

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