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Schatz Statement On Fed Joining Network For Greening The Financial System

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), a member of the Senate Banking Committee and Chair of the Special Committee on the Climate Crisis, today released the following statement on the Federal Reserve's announcement that it has joined the Network for Greening the Financial System as a full member.

“The Fed joining the NGFS as a full member is a necessary step forward. Now that they have joined this international effort, I will expect them to take further concrete steps towards managing climate risks. That includes setting clear supervisory expectations for how banks should manage their climate risk exposure, and using tools like stress testing to hold them accountable.

“Climate change poses systemic risks to our financial system and economy. Our financial regulators’ job is to ensure a stable and efficient financial system, and that means managing these risks. This is important but incremental progress, and we’ll continue working with the Fed to strengthen our financial system.”