That is just one of the many systemic risks that #ClimateChange imposes on our economy, but which are not previously factored into our economic forecasts.
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It’s estimated that $900 billion of U.S. property is at risk of total loss from rising sea levels. This is magnified through the financial system by the debt securing that property and insurance against the same risks.pic.twitter.com/jTiHcvk3IK
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That is why I have introduced H.R. 5194, Climate Change Financial Risk Act, which would require bank regulators to treat
#ClimateChange as a systemic risk. I look forward to engaging w/ Chair Powell in@FSCDems tomorrow on how we can work to protect our economy from these risks.Show this thread
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The State of Il will be gone soon as we know it. $136 million in unfounded pensions and 3 year backlog of unpaid bills. Do you have any ideas on how to solve a real and present threat ?
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Correction: that $133 billion and could be as high as $200 billion.
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OMG!! Has anybody warned Barack Obama about this?!?!? He recently bought beachfront property in Martha's Vineyard!
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Keep fighting the good fight Sean! We're behind you
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Thank you,
@SeanCasten, explaining it in monetary terms. Decision makers, and most of the public, may be touched by photos of burning koalas and starving polar bears, but won’t really do anything unless it hits them in the wallet.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Glad you got all the corruption in Illinois cleaned up!
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I hope the gov. does not offer insurance backed by the taxpayer on properties close to water.
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