GOP Sends Up More Climate-Risk Flares
Reiterating and strengthening comments made at recent hearings (see for example Client Report GREEN7), Congressional Republicans today strongly objected to what they characterize as calls from the Administration to politicize bank lending. This has not daunted Secretary Yellen, whose new policy will be analyzed in a FedFin report later this afternoon.
HFSC: Budget Resolution Pushes GSIB, FHA Reform
Although recorded votes are pending, the budget resolution proposed by Democrats at yesterday’s HFSC markup strongly supports President Biden’s American Rescue Plan (ARP), but goes on also to fund or endorse other Democratic priorities, many sure to be strongly opposed by Republicans.
Yellen Urges More Rapid, Mandatory Green Transition for Financial Services
In wide-ranging remarks on the Biden Administration’s climate policy, Secretary Yellen today laid out plans targeted at the financial services sector. Suggesting that private capital will need to support most of the $2.5 trillion in essential climate-related incremental investments, Secretary Yellen says reliable, consistent climate-related investor disclosures based on the work of the FSB’s Task Force on Climate-related Financial Disclosures are necessary.