serendipity
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Trust Yellen, Biden and the Financial Stability Oversight Council to concentrate on what's really important. Let's at least hope that all of that ESG bullshit is finally abandoned.
One serious question being raised in the US is where have the bank regulators been in the last few months, when it was clear that rising interest rates posed such an existential threat to banks’ balance sheets.
Bank regulation is the responsibility of the Financial Stability Oversight Council (FSOC), which works under the auspices of the US Treasury. It was established in 2010 by the Dodd-Frank Act.
One of the reasons why they appear to have taken their eyes off the road is that at its very first meeting under the Biden administration, Treasury Secretary Janet Yellen put climate change on the agenda:
Note the comment that banks are “increasingly focussed on the risk” of climate change.
It’s little wonder that the FSOC, together with some of the banks it seems, failed to see the elephant in the room!
https://notalotofpeopleknowthat.wor...llapse-as-regulators-focus-on-climate-change/
Trust Yellen, Biden and the Financial Stability Oversight Council to concentrate on what's really important. Let's at least hope that all of that ESG bullshit is finally abandoned.
One serious question being raised in the US is where have the bank regulators been in the last few months, when it was clear that rising interest rates posed such an existential threat to banks’ balance sheets.
Bank regulation is the responsibility of the Financial Stability Oversight Council (FSOC), which works under the auspices of the US Treasury. It was established in 2010 by the Dodd-Frank Act.
One of the reasons why they appear to have taken their eyes off the road is that at its very first meeting under the Biden administration, Treasury Secretary Janet Yellen put climate change on the agenda:
Note the comment that banks are “increasingly focussed on the risk” of climate change.
It’s little wonder that the FSOC, together with some of the banks it seems, failed to see the elephant in the room!
https://notalotofpeopleknowthat.wor...llapse-as-regulators-focus-on-climate-change/