WASHINGTON — Today, the Financial Stability Oversight Council (Council) established the Climate-related Financial Risk Advisory Committee (CFRAC) and named the initial slate of committee members. The Council announced its plan to establish the CFRAC in its 2021 Report on Climate-Related Financial Risk, and today’s actions demonstrate the Council’s commitment to identifying, assessing, and responding to the risks climate change poses to the financial system.
“Assessing climate-related financial risk is a complex and important task, and I am grateful for the willingness of this committee to take on this work,” Secretary of the Treasury Janet L. Yellen said. “In establishing this committee, we will leverage the expertise of those outside of government and work collaboratively to improve our collective understanding of how climate change may impact the financial sector. The newly established advisory committee will also ensure that state and federal policymakers hear from leading experts on climate-related financial risks.”
The CFRAC will help the Council receive information and analysis on climate-related financial risks from a broad array of stakeholders. The CFRAC’s new members include stakeholders from a wide range of backgrounds, including the financial services industry, non-governmental research institutions, climate-related data and analytics providers, non-profit organizations, and academia. Members’ climate data and analytical expertise will support regulators’ efforts to translate climate-related risks into economic and financial impacts.
The following twenty members and one government observer have been named as part of the establishment of the committee:
The CFRAC’s first meeting is anticipated to be held in early 2023. The charter for the CFRAC was also published today.
Established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Council is charged with identifying risks to U.S. financial stability, promoting market discipline, and responding to emerging threats to the stability of the U.S. financial system. The Council brings together the expertise of federal financial regulators, state regulators, and an independent insurance expert appointed by the President.
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