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President Biden issued a historic Executive Order calling for federal action to tackle climate-related financial risks and directing Treasury Secretary Janet Yellen to lead a major report from financial regulators on addressing and reducing climate risks. Secretary Yellen's report, expected by mid-November, should lay out concrete steps to address the climate threats to our economy, especially to stop Wall Street’s fossil fuel investments that are driving the crisis.
The climate crisis is already having major effects on our economy and our society, and those will become increasingly catastrophic if we don't act now. Climate change threatens the stability of our financial system, so financial regulators must ensure that our system is protected and that the financial institutions they oversee aren't making the crisis worse.
Right now, Wall Street giants aren’t just failing to prepare themselves to withstand these growing risks, they are actively making the problem worse by pouring billions of dollars every year into new fossil fuel development. The largest US banks — JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America — have been by far the world’s largest funders of fossil fuels in recent years. Wall Street won’t change on its own, so it’s time for regulators to step in.
There’s no time left to waste on half-measures. We need all-of-government, including financial regulators, to take bold climate action now. Take action: send a message to Secretary Yellen to lead a strong action plan to stop Wall Street from continuing to fuel the climate crisis!
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