Testimony of Hilary J. Allen, House Subcommittee on Consumer Protection and Financial Institutions Hearing on “Addressing Climate as a Systemic Risk: The Need to Build Resilience within Our Banking and Financial System”

Testimony of Hilary J. Allen, House Subcommittee on Consumer Protection and Financial Institutions Hearing on “Addressing Climate as a Systemic Risk: The Need to Build Resilience within Our Banking and Financial System”

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Testimony of Hilary J. Allen, House Subcommittee on Consumer Protection and Financial Institutions Hearing on “Addressing Climate as a Systemic Risk: The Need to Build Resilience within Our Banking and Financial System”

Tackling climate-related threats to financial stability will require a coordinated and interdisciplinary approach from our financial regulatory agencies. In this statement, I propose a number of reforms to this end (these reforms are summarized on pages 18-20), but before diving into their technical details, it’s important to recognize the stakes of the problem at hand.

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