At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.
In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.
At a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, regulators from the National Credit Union Administration, the FDIC and the OCC testified on current agency priorities and challenges.
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 Congressional Research Service provided an overview of "selected banking-related issues that may attract congressional interest in the 117th Congress."