Tag Archives: Treasury

the outside exterior of the U.S. Treasury Department building

Letters to Regulators: Letter to Secretary Yellen on Restoring FSOC’s Ability to Fully Execute its Authority Under Dodd Frank

AFREF and 30 allies sent a letter to Secretary of the Treasury Janet Yellen urging her to prioritize restoring FSOC’s ability to fully execute its authority under Dodd-Frank by repealing the SIFI 2019 guidance; developing a data strategy for OFR; and using the statutory authority given in Title I of Dodd-Frank to apply a racial equity lens when designating a non-bank financial company as a SIFI.

sunrise over a field of wind turbines

News Release: Treasury’s climate report light on specifics, regulators must go much farther, faster

The U.S. Treasury Department released its climate finance report on Thursday evening following a meeting of the Financial Stability Oversight Council (FSOC) where members voted to approve the report. Though strong in some areas like climate risk disclosure and scenario analysis, the report largely highlights agency actions that are already underway, and it fails to lay out a comprehensive roadmap with specific recommendations and timelines for regulators to consider beyond the assessment and disclosure of climate risk, Americans for Financial Reform (AFR) and Public Citizen said. 

News Release: 40,000 petitioners to Yellen: Time for bold climate action in new report

Public Citizen, Sierra Club, 350.org, Americans for Financial Reform, Evergreen Action, and Action Center on Race and the Economy today delivered more than 40,000 petition signatures to U.S. Treasury Secretary Janet Yellen demanding that an upcoming report highlight the gravity of climate threats to our financial system and identify concrete steps that financial regulators should take to address them.

Letters to Regulators: Treasury Climate Finance Report

Americans for Financial Reform joined 38 organizations urging Secretary Yellen to produce a bold Treasury climate finance report. Climate change poses an existential threat to the economic security of households and communities across the nation and to the financial system. As the Chair of the FSOC, it is up to Secretary Yellen to lead the writing of a Treasury report that can serve as a comprehensive roadmap that recognizes the urgency and severity of the climate crisis, includes specific policies beyond assessment and disclosure, and encourages each of the independent agencies to use all available tools to mitigate climate risk and its drivers.