YNTR: Warren Calls on Big U.S. Banks for Steps on Climate Risk

You Need to Read Reuters’ Warren calls on big U.S. banks for steps on climate risk by Ann Saphir and Lindsay Dunsmuir.

Reaching back to January 22, 2020 for today’s You Need to Read because today is the February 7th deadline Senator Elizabeth Warren set in her letters sent that day for the eight biggest U.S. Banks to respond to her questions about climate risk. Her letters cited extensive research published by the Federal Reserve bank of San Francisco and recent remarks by Federal Reserve Board Governor Lael Brainard.

U.S. Senator Elizabeth Warren, a contender for the Democratic Party’s presidential nomination, is asking the biggest U.S. banks for details on their assessments of and preparations for risks related to global warming.

“To protect themselves and the economy from climate-driven catastrophes, large financial institutions must act quickly to address risks,” Warren, a frequent critic of big banks, said in letters sent on Tuesday to top executives at Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street and Wells Fargo.

“I write to ask for more information about the risks caused by the climate crisis on the financial industry and your institution’s practices, including what steps, if any, your institution is taking to adapt to mitigate these risks,” she said in the letters, provided to Reuters.  

They report that “dozens of central banks  have called for better disclosure of risks related to climate change” and that “overall, U.S. financial regulators lag their peers abroad.” 

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