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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
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.
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.
Hey Sean: I can sit here and "like" all of your tweets, but WHAT can I actually do about this?
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