The Defense Production Act in action.
The Roosevelt Rundown features our top stories of the week.
View this in your browser and share with your friends. ([link removed])
[link removed]
** A Historic Climate Announcement
------------------------------------------------------------
On Monday, the Biden administration made a series of announcements ([link removed]) declaring an electricity supply emergency and invoking the Defense Production Act ([link removed]) (DPA) of 1950 to increase domestic production in clean energy sectors that will be crucial for decarbonization, including solar panels, electric heat pumps, insulation, and more.
These actions, says ([link removed]) Roosevelt Director of Industrial Policy and Trade Todd N. Tucker, represent “a historic acknowledgement of the climate crisis by the federal government, and a fundamental pivot by the United States toward a clean energy transition that creates good jobs here at home.”
Though powers similar to those authorized by the DPA have existed since Franklin D. Roosevelt’s administration, they have not been used in such a robust manner since the Korean War, and never for robust climate action.
“While the climate crisis is undoubtedly a crisis, it is slower-moving and different in kind than the types of crises the DPA has been used for in the past,” Tucker explains ([link removed]) .
“The legal and political precedent alone of using the DPA to address the climate crisis is therefore hard to understate.”
Read more from Tucker in “Making Sense of Biden’s Green Energy Defense Production Act Announcements,” ([link removed]) and about how DPA powers can be used to combat the climate crisis in “Priorities and Allocations: How the Defense Production Act Allows Government to Mobilize Industry to Ensure Popular Well-Being.” ([link removed])
** How Financial Regulators Can Combat the Climate Crisis
------------------------------------------------------------
“Supervisory oversight of a bank’s safety and soundness is a tool flexible enough to help guard against emerging risks like climate change,” write ([link removed]) Public Citizen’s Yevgeny Shrago and David Arkush in a new report.
“Because supervisory guidance is not the product of a formal rulemaking process, it can be deployed with limited administrative delays and avoid pitfalls that impede many legislative and regulatory efforts.”
Shrago and Arkush explain how financial regulators can—and must—integrate climate risk ([link removed]) into their supervisory guidance and examination for banks to reduce the threats the climate crisis poses to financial stability.
Learn more in Looking over the Horizon: The Case for Prioritizing Climate-Related Risk Supervision of Banks ([link removed]) .
** The Promise of Renewables
------------------------------------------------------------
Energy prices, and particularly fossil fuels, accounted for a third of inflation ([link removed]) over the past month—demonstrating the challenges of fossil fuel volatility for stable prices.
“[L]ong-term price stability requires ([link removed]) a rapid transition from fossil fuels towards electrified, renewable energy,” tweeted ([link removed]) Roosevelt Deputy Director of Macroeconomic Analysis Lauren Melodia ([link removed]) . “Investment today is a necessary part of a stable economy in the future.”
Learn more about Melodia’s thoughts on inflation ([link removed]) , and read her recent issue brief: “Energy Price Stability: The Peril of Fossil Fuels and the Promise of Renewables.” ([link removed])
** What We’re Reading
------------------------------------------------------------
Hear Us: Public Banking for Racial Justice ([link removed]) - Next City
It’s a Terrifying Time to Have Kids in America. It Doesn’t Have to Be This Way. ([link removed]) - Vox
Three Open Questions about Biden’s New Environmental Justice Tool ([link removed]) - Grist
America’s Inequality Problem Just Improved for the First Time in a Generation ([link removed]) - Bloomberg
Why It Matters That the Jan. 6 Hearings Put ‘a War Scene’ on Display ([link removed]) - New York Times
============================================================
** Twitter ([link removed])
** Facebook ([link removed])
** Vimeo ([link removed])
** Website ([link removed])
If you are interested in supporting the Roosevelt Institute, ** click here ([link removed])
.
Copyright © 2022 Roosevelt Institute, All rights reserved.
** RooseveltInstitute.org ([link removed])
570 Lexington Ave, 5th Floor
New York, NY 10022
Want to change how you receive these emails?
You can ** update your preferences ([link removed])
or ** unsubscribe from this list ([link removed])
.
