By Andrea Shalal WASHINGTON (Reuters) - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S. Treasury Department to ...
By Andrea Shalal WASHINGTON - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S. Treasury Department to step up oversight and offer more guidance toSaltWire's Atlantic regional weather forecast for September 25, 2023 | SaltWireWASHINGTON - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S.
The Treasury should act now - including through its role as head of the multi-regulator Financial Stability Oversight Council - to address systemic risks becoming evident in a crash in coastal property values, insurance market failures, and uninsurable wildfire risks, they said. Recent climate disasters and financial disruptions have underscored the rising cost and impact of climate change, with one study showing that only 40% of direct weather-related costs suffered worldwide in 2022 were covered by insurance providers.
The Treasury should also develop better climate risk scenario exercises for banks, and ensure that all FSOC members can access data gathered by Treasury's Climate Data and Analytics Hub under a pilot project launched in July 2022, they wrote.
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