In this report, we analyze an influential and possibly even game-changing paper released today by the CFTC’s Climate-Related Market Risk Subcommittee.  Approved by a 34-0 vote, the report expresses only the subcommittee’s views but nonetheless reflects broad and bipartisan thinking among the experts convened by the CFTC on the controversial and consequential question of climate change’s impact on U.S. banks, securities firms, insurers, financial markets, and financial stability.  Commenting on the report, Chairman Tarbert observed that the transition risks highlighted in the report could be as dangerous if regulators do too much as well as if they continue to do only the too-little observed in this report.

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