American Enterprise Institute scholar Paul Kupiec thinks it may. In May President Biden authorized the Financial Stability Oversight Council (FSOC) to look into how the banking system should be regulated in light of risks from climate change. Writing in The Hill, Kupiec says the latest report of the council suggests a plan could be brewing…
Tag: banking
No, Climate Change Does Not Threaten Banks
A new report from the Federal Reserve Bank of New York disputes the growing claim that climate poses risks to the financial system. “We find that weather disasters over the last quarter century had insignificant or small effects on U.S. banks’ performance,” it says. From John Cochrane, the “Grumpy Economist”: “This is a courageous paper…