climate scenario

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19 07, 2023

CLIMATE16

2023-07-19T11:12:21-04:00July 19th, 2023|5- Client Report|

HFSC GOP Targets NGOs, Banking-Agency Climate Scenarios/Principles

As anticipated, Republicans continued their campaign against ESG at today’s HFSC Financial Institution Subcommittee hearing on climate risks, reiterating arguments that a regulatory focus on climate risk signals financial institutions to cease lending to carbon intensive industries.  Chairman Barr (R-KY) strongly criticized the banking agencies’ involvement in climate policy, singling out Fed Vice Chair Barr and linking the failure of other Fed Governors to see the SVB report to what he believes will be an opaque, biased report on climate scenario data.  Committee Democrats strongly defended the banking agencies’ climate work, stressing the climate risk materiality.  The banking agency witnesses all emphasized that none of their agencies tell banks to whom they can lend, focusing solely on financial risk and deferring climate policy to Congress.  A witness clearly added by committee Democrats countered the GOP’s anti-ESG focus by noting that local governments have been fiscally hamstrung by state-level anti-ESG laws.

CLIMATE16.pdf

8 03, 2023

FedFin: Red Light For Retail CBDC

2023-03-08T17:02:10-05:00March 8th, 2023|The Vault|

At today’s HFSC hearing, Chairman Powell modulated his hawkish stance just a bit, continuing as he long has done to refuse to take a stand on fiscal policy while advocating for rapid debt-limit action.  Pressed by Republicans for CBDC updates, the chairman today was the most specific of any Fed official to date, stating that a retail CBDC would require express Congressional authorization even though this may not be the case for a wholesale-focused instrument.  As yesterday (see Client Report FEDERALRESERVE72), Republicans pushed hard against the Vice Chairman’s holistic-capital review, leading Mr. Powell to say that he hopes for Board consensus on both end-game rules and broader rewrites but cannot assure this will be the case despite the Board’s consensus culture….

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8 03, 2023

FEDERALRESERVE73

2023-03-10T10:07:22-05:00March 8th, 2023|5- Client Report|

Red Light For Retail CBDC

At today’s HFSC hearing, Chairman Powell modulated his hawkish stance just a bit, continuing as he long has done to refuse to take a stand on fiscal policy while advocating for rapid debt-limit action.  Pressed by Republicans for CBDC updates, the chairman today was the most specific of any Fed official to date, stating that a retail CBDC would require express Congressional authorization even though this may not be the case for a wholesale-focused instrument.  As yesterday (see Client Report FEDERALRESERVE72), Republicans pushed hard against the Vice Chairman’s holistic-capital review, leading Mr. Powell to say that he hopes for Board consensus on both end-game rules and broader rewrites but cannot assure this will be the case despite the Board’s consensus culture.

FEDERALRESERVE73.pdf

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