House Financial Services Committee
Financial Institutions and Monetary Policy Subcommittee
Federal Banking Climate-Risk Management Actions
On Tuesday, July 18, 2023, at 10:00 a.m. in Room 2220 of the Rayburn House Office Building, the Financial Services Subcommittee on Financial Institutions and Monetary Policy will hold a hearing titled “Climate-Risk: Are Financial Regulators Politically Independent?”
Witnesses:- Michael S. Gibson, Director, Division of Supervision and Regulation, Board of Governors of the Federal Reserve System
- Greg Coleman, Senior Deputy Comptroller for Large Bank Supervision, Office of the Comptroller of the Currency
- Doreen Eberley, Director, Division of Risk Management and Supervision, Federal Deposit Insurance Corporation
- Rendell L. Jones, Deputy Executive Director, National Credit Union Administration
- Sarah Benatar, Treasurer, Coconino County, Arizona
The hearing will examine recent actions by federal banking regulators to incorporate climate-related financial risks into financial institutions’ risk management frameworks and to monitor and guide those frameworks. The hearing will also examine recent actions by federal banking regulators to incorporate recommendations related to climate-related financial risks of Executive Orders, the Financial Stability Oversight Council, Executive-Branch-led working groups, and international non-governmental organizations. Many recent climate-related financial risk actions by regulators closely align with President Biden’s May 20, 2021, Executive Order on ClimateRelated Financial Risk (EO 14030) and, relatedly, the Financial Stability Oversight Council’s determination of climate change as “an emerging and increasing threat to financial stability” on October 21, 2021.