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The Fed Is Keeping the Public in the Dark About Risks from Climate Change

WASHINGTON, D.C. — Recent reporting from Bloomberg found new evidence that the U.S. Federal Reserve Board and other bank regulators are obstructing international efforts to address climate-related risks to consumers and the financial system. These efforts include pushing banks to disclose their financed emissions and strategies for navigating the clean-energy transition.

As Bloomberg notes, European and other bank regulators are working with the international bank standard setter, the Basel Committee on Banking Supervision, to discern between financial institutions that are serious about reducing risks for the financial system and institutions that are not  — all while US bank regulators are working to keep the public in the dark. 

In response, Anne Perrault, senior climate finance policy counsel with Public Citizen, issued the following statement: 

“Millions of consumers, communities, and financial institutions are at the brink of a financial disaster due to climate change. US Treasury Secretary Janet Yellen has described it as a significant concern for our economy and an existential threat — one that could create an uninhabitable world for our grandchildren and great grandchildren. 

“If Yellen’s dire warning doesn’t prompt action by the Fed, what will?”

For more information contact: Anne Perrault, aperrault@citizen.org