Schatz Statement On CFTC Climate Risk Report
WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), Chair of the Special Committee on the Climate Crisis, released the following statement on a new report titled Managing Climate Risk in the U.S. Financial System from the Climate-Related Market Risk Subcommittee of the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC).
“The findings in this report should be a wake-up call: climate financial risks are real. They will destabilize our financial system and the whole U.S. economy if left unchecked. We need the Federal Reserve, the SEC, and our other regulatory agencies to immediately move forward with the recommendations in this report—including climate risk stress testing and mandatory public company disclosure of climate risks and emissions. I thank subcommittee chairman Bob Litterman for his hard work and Commissioner Rostin Behnam and his staff for championing this effort.”