The House Financial Services Committee considered Financial Stability Oversight Council recommendations to mitigate risks in the financial markets and testimony by Treasury Secretary Steven Mnuchin.
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The Federal Reserve Board reported on the strength of the banking system and the economic impact of the pandemic on borrowers.
New York Fed Executive Vice President Kevin Stiroh described the complexity of climate change risk and the challenges facing climate change risk managers.
Federal Reserve Board Governor Lael Brainard warned that "financial market participants that do not put in place frameworks to assess and address climate-related risks could face significant losses on climate-sensitive assets caused by environmental shifts, by a disorderly transition, or both."
The Federal Reserve Board requested comment on draft "Principles for Climate-Related Financial Risk Management for Large Financial Institutions."