BIS Advances Push for Central Bank Green Investment
The BIS today announced a new program channeling central-bank funds to green bonds in the Asia-Pacific region. Eligible bonds will be issued by sovereigns, supranational, and corporates that comply with relevant anti-greenwashing standards. While limited, this program adds to growing global pressure for “green” central-bank investments, advancing an initial design for doing so in a 2020 BIS policy paper on green finance, supervision, and regulation (see Client Report GREEN).
CFPB Plows New Path into Bigtech, Competition Policy
With a newly-confirmed director with long experience battling bigtech, the CFPB today issued orders requiring large tech companies operating payments systems to turn over information on their payments products, business plans, and practices. Orders have initially been sent to Amazon, Apple, Facebook, Google, PayPal, and Square, but the Bureau is also studying Alipay and WeChat Pay.
Fed Hops To After Latest Ethics Revelation
Following a still more embarrassing story about Fed trading in today’s New York Times, the FRB this afternoon announced conclusion of a “comprehensive review” and new senior-officer trading restrictions. These bar holding individual securities, restrict active trading, and increase reporting requirements.
FSOC Adopts Tough-Talk, Cautious-Action Climate Plan
FSOC today approved the report on climate-related financial risk required by President Biden’s Executive Order (see FSM Report GREEN8) adopting the cautious, disclosure-focused framework we anticipated when the executive order was issued.