WASHINGTON—Treasury Secretary Janet Yellen plans to wield the department’s broad powers to tackle potential risks to the financial system posed by climate change while pushing tax incentives to reduce carbon emissions.
Ms. Yellen is looking to a veteran of the Obama administration, Sarah Bloom Raskin, as the leading candidate for a new senior position that would head a new Treasury climate “hub,” according to people familiar with the matter. A former deputy Treasury secretary who once worked alongside Ms. Yellen on the Federal Reserve Board, Ms. Raskin has warned in interviews and speeches that U.S. regulators must do more to strengthen the financial system’s resilience to climate risks.
The move is part of the Biden administration’s effort across many government departments to address climate change and its impact on various industries. In two early moves, the administration rejoined the Paris climate accord and suspended new oil and gas leases on federal land. “I think we need to seriously look at assessing the risk to the financial system from climate change,” Ms. Yellen said atlast month, calling it an “existential threat” to the U.S. economy. Ms. Yellen said the new hub would review financial stability risks and tax policy incentives related to climate change.
Her climate push is already facing resistance from some Republicans in Congress and financial industry officials wary of new regulatory burdens on banks after the Obama administration imposed widespread new rules following the 2008 financial crisis.
The only goal should be to address climate change on a war footing, not to appoint another person to bring out another fancy edited text.
Aaah right! Appoint yet another person to yet another conjured-our-of-thin-air post so they can bring out yet another policy document which might or might not be read by anyone, ever
Is she the wife of Rep. Jaime Raskin?
Thank you for placing our environment and climate change on the forefront. It is important that we tackle this issue for our children and grandchildren-our future scientists!
That’s code for “we’re going to sabotage advancement of green energy” Look how much progress occurred under trump vs how little under Obama. Big oil are big Biden donors.
Clown world.
Please help us in Czechia!
$dbx Dropbox like Slack will it release merger confirmation prior to earning like Slack $work $crm Reuters IndepenE business bopinion
yay
Tilting at windmills - now literally