Janet Yellen Walks Political Tightrope to Deliver on Biden’s Climate Promises
wsj.comFacing pressure from congressional Democrats and a need to deliver on President Biden’s campaign promises, Treasury Secretary Janet Yellen is instructing financial regulators under her watch to take steps to reduce risks tied to climate change.
Those regulators traditionally have worked to ensure that banks remained sound, markets stayed competitive and investors received fair and accurate information. Now, Ms. Yellen is leaning on agencies such as the Federal Reserve and the Securities and Exchange Commission to respond to what she says is the urgent threat posed by climate change to the economy and financial assets, such as a portfolio of mortgages in low-lying coastal areas or an insurance company’s backing of drought-sensitive farm land.
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