Open Markets Welcomes OCC’s Request for Feedback on Climate Risk

Washington DC, USA - July 3, 2017: Office of the Comptroller of Currency sign and logo in downtown. Source: @iStock/ablokhin.

Urges Acting Comptroller to Pursue the same Climate Proposal with the FDIC Board

WASHINGTON— The Office of the Comptroller of the Currency (OCC) requested feedback Thursday on how large financial firms should manage climate risk.

In response, Alexis Goldstein, financial policy director at the Open Markets Institute, issued the following statement:

“Climate change creates a range of risks for financial firms, including physical risks of damage from disasters, and stranded asset risk as the economy transitions away from fossil fuels. 

“We welcome the OCC’s request for feedback on how large banks should manage climate risk. In order to further the President’s ‘whole-of-government’ approach to tackling the climate crisis, it’s urgent that the Acting Comptroller also join with Democratic colleagues on the FDIC and pursue the same climate proposal through the FDIC Board.”

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