Acting Comptroller Issues Statement at Financial Stability Oversight Council Meeting on Climate-Related Financial Risk — 2023-07-28

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following at the Financial Stability Oversight Council (FSOC) meeting: Thank you, Madam Secretary, for your strong leadership of the Council including on this important matter. I would also like to extend my thanks to the FSOC staff and the staff of the Council members for their efforts relating to climate-related financial risk. I support the publication of the updated report on Climate-related Financial Risk Committee (CFRC) activities. It will help financial institutions to manage the climate-related financial risks they face, thereby promoting safety and soundness and financial stability. Each FSOC member has a role to play in this. Coordination of our respective efforts through the CFRC is critical. I would like to highlight in particular the efforts of the CFRC Risk Assessment Working Group. Staff participating in the group are developing a framework to identify and assess climate-related financial risk.