[ [link removed] ]350.org

 

 



Our pressure is working,
John.

Two days ago, the Federal Reserve announced its plans to perform an
analysis of climate change financial risks next year, and are working on
ways for banks to “identify, measure, monitor, and manage the financial
risks of climate change."

These comments (which come just two weeks after our movement [ [link removed] ]held
actions outside the Jackson Economic Symposium where the board of the
Federal Reserve was meeting to assess the economy) show that our work is
breaking through.

[ [link removed] ]Headline: U.S. Fed is reviewing capital rules, plans 2023 climate tests
-new regulation chief

But as we celebrate this momentum, we can’t let up our pressure. The Fed
must go further and follow the lead of other major public financial
institutions by issuing risk management principles on the climate for the
large banks under its supervision to follow.

[ [link removed] ]If you agree that it’s time for the Federal Reserve to release strong
guidelines to stop fossil fuel finance by Wall Street banks, please sign
our petition to the Fed here. Every signature will be delivered in person
during a meeting with the Fed’s Vice Chair for Supervision.

[ [link removed] ]Sign now »

In just a few weeks, we’re joining Public Citizen and a broad coalition of
climate groups to deliver these signatures in person to the Fed’s Vice
Chair for Supervision, so your signature really counts!

In December 2021 and May 2022, two major financial institutions – the
Office of the Comptroller of the Currency (OCC) and The Federal Deposit
Insurance Corporation (FDIC) – issued draft principles to support the
identification and management of climate-related financial risks.^1 They
identify unique characteristics of climate-related risks while also
insisting that financial institutions incorporate climate risk into their
existing risk management plans.

It’s time that the Fed follows suit and releases its own set of
climate-risk principles, which is why we must keep up the pressure and
bring our voices to the Fed headquarters in D.C.

With record breaking heat waves, floods, droughts, and hurricanes that
cost billions of dollars in recovery, all the while the fossil fuel
industry continues to benefit from its impact on our climate, it’s time
for the Fed to take ownership of its role to regulate risk to ourselves
and our economy.

[ [link removed] ]Please add your name to our petition today and together we can call on
the Federal Reserve to end fossil fuel financing and account for climate
risk in all financial policy decisions.

Thank you for speaking out and stay tuned for updates from our petition
delivery action.

In solidarity,

- Team 350

[ [link removed] ]Sign now »



 

1 - [ [link removed] ]OCC and [ [link removed] ]FDIC


 




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