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Today, I pressed @USTreasury Secretary @stevenmnuchin1 if he has consulted any scientists to prepare the American economy for the systemic risks of #ClimateChange, his answers were underwhelming at best.pic.twitter.com/2z9AifFm5l
Floods, wildfires, and catastrophic storms are becoming all too frequent. If the earth warms 4 degrees over the next 80 years as its currently estimated, global economic losses could mount to $23 trillion per year-- far larger than the 2008 financial crisis.
These are a few examples of destabilizing losses for insurance companies, banks, and other financial intermediaries that can be interconnected and transmit risk across the financial system.
That’s why I introduced the Climate Change Financial Risk Act with @SenBrianSchatz to task the @federalreserve & @USTreasury to ensure our financial system is adequately prepared for the effects of the #ClimateCrisis.
If this is actually a concern the market will figure it out and act accordingly (e.g. insurance companies and reinsurers pricing the risk). But you don't actually believe in the free market, you think everything needs to be "managed" by a progressive, intrusive government.
The market thinks about today, not what's needed for the next generation
Proud of my Congressman!
Omg pass USMCA
Outstanding!
The Trump swamp strikes again. The United States has made a lot of progess. Lie! Thanks for calling him out, and doing so politely, unlike so many political discourses we’ve suffered of late.
He has to ask his trophy wife first what she thinks
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