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The U.S. Financial Stability Oversight Council (FSOC) announced today the launch of the Climate-related Financial Risk Advisory Committee (CFRAC), aimed at helping the council with identifying, assessing and mitigating climate-related risks to the financial system.
Initial members of the new council represent a broad range of backgrounds, including financial services executives, sustainability disclosure specialists, climate data providers, academics and NGOs, among others.
FSOC’ mandate is to identify risks and respond to emerging threats to financial stability in the U.S. The council is chaired by the Secretary of the Treasury, and brings together federal financial regulators, state regulators and insurance experts. Members of FSCO include the heads of the Federal Reserve, SEC, Federal Deposit Insurance Corporation, and Federal Housing Finance Agency, among others.