Administration Targets Financial Climate-Risk for Disclosures, Additional Safeguards
President Biden last night released his much-anticipated Executive Order on climate-related financial risk. Although it does not immediately mandate new climate-risk disclosures, the EO directs FSOC to consider requiring new disclosures in a fashion sure to spur the SEC to act as Chairman Gensler already promised (see Client Report INVESTOR17) and spark additional action by the banking agencies.