Statement by the Acting Comptroller of the Currency on FSOC Climate Change Report — 2021-10-21

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the FSOC Climate Change Report: Thank you, Madam Chair, and thank you to the FSOC and interagency staff for today’s excellent and timely presentation and the work underlying it to address climate change. I fully support the FSOC’s Climate Change Report and its recommendations, issued in response to President Biden’s Executive Order 14030. The Report provides valuable information on the risks climate change pose to OCC regulated institutions as well as to the entire financial system. The Report’s recommendations provide a clear framework and lay out concrete steps for the OCC, FSOC, and other FSOC members to take to better measure, monitor, and address climate-related financial risks. At the OCC, we are especially focused on the safety and soundness risks to banks from climate change.