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January 19, 2022
supervising all national banks, federal savings associations, and agencies of foreign banks. It primarily regulates the risk that banks can take on, delineates what is considered “banking,” and investigates banks’ balance sheets.
January 19, 2022
Today the Revolving Door Project released a report on the Office of the Comptroller of the Currency’s OCC) capacity to implement and enforce climate regulation. This is the third installment of the project’s ongoing Climate Finance Capacity project \identifying the tools each component of the Financial Stability Oversight Council (FSOC) has to address the climate crisis through regulatory reform and the capacity-related obstacles that could stand in the way. Prior installments have looked at the Commodities Future Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).Through this project, we aim to highlight the responsibility each of these agencies have in regulating our financial system towards a more sustainable future, and the reforms necessary to achieve this vision as examined through the lens of each agency’s unique resourcing.
January 11, 2022
Climate change poses a serious threat to everything the Securities and Exchange Commission (SEC) is meant to protect and oversee. The Commodity Futures Trading Commission (CTFC)’s “Managing Climate Risk in the U.S. The Financial System ”report makes this abundantly clear. The report concludes that climate change may “exacerbate existing, non-climate related vulnerabilities in the financial system, with potentially serious consequences for market stability”. Furthermore, the physical and transitional risks of climate change will likely lead to systemic and sub-systemic financial shocks. These shocks would cause “unprecedented disruption in the proper functioning of financial markets and institutions” and further marginalize communities underserved by the financial system. To fulfill its mandate, of maintaining fair, orderly, and efficient markets, protecting investors, and facilitating capital formation, the SEC must proactively ensure there is enough personnel to monitor and enforce regulations that will keep markets stable and adaptable.
January 11, 2022
New Report Warns That Insufficient Capacity at The SEC Might Limit its Role In the Fight Against Climate Change
Today, the Revolving Door Project released its SEC Climate Capacity Report examining the detrimental impact of capacity shortfalls on the Securities and Exchange Commission (SEC)’s climate work. This report is the second installment of its Climate Finance Capacity Project. The Climate Finance Capacity Project explores the power and responsibility that each of the Financial Stability Oversight Council’s member agencies has to address the climate crisis and consider how resource limitations threaten to limit their impact.
December 02, 2021
The Biden Administration was elected to office with an urgent mandate to change our current trajectory towards catastrophic climate change. Climate-focused financial regulation, or the regulation of markets to accurately account for climate risk and the social and material costs of climate-damaging activities, must be a part of this coordinated federal response in order to meaningfully address climate concerns at the governmental level. An agency that is particularly key to this goal is the Commodity Futures Trading Commission (CFTC). The CFTC is one of the smallest federal financial regulatory bodies and yet it is responsible for regulating one of the country’s largest markets, derivatives. While it was originally founded to regulate futures trading in commodities, the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 expanded the CFTC’s mandate to include swaps markets and broadened the agency’s role in regulating other derivatives, in part due to their extreme volatility and outsized role in the 2008 financial crisis.
November 30, 2021
President Biden signed the elusive bipartisan infrastructure bill into law on November 15th. It’s just the first part of a planned two-part infrastructure push, the other being the Democrat-only Build Back Better Act which Joe Manchin and Kyrsten Sinema have slashed to pieces. Yet Biden keeps calling the bipartisan bill he signed a climate bill.
November 22, 2021
RELEASE: Revolving Door Project Criticizes Biden For Choosing To Own Ethics Scandals And Deregulation By Renominating Powell
“We are extremely disappointed to see Biden renominate Jerome Powell as Chair of the Federal Reserve Board. Biden’s endorsement of Powell’s deregulatory agenda will greatly harm American families. Biden has an ambitious and urgent agenda on climate, financial stability, and addressing racial and economic inequality. Powell as Chair of the Federal Reserve will make it more difficult for Biden to ultimately be a successful president. Today is a win for the conventional wisdom and Establishment and a defeat for the planet and Joe Biden’s ultimate legacy.”
November 17, 2021
Congressional selfies and self-congratulations inaugurated the week, but a lot of hard work remains to translate the Infrastructure Investment and Jobs Act’s (IIJA) policies into real-life results. Given that those policies are (generously) middling and that the most promising ones are underfunded, turning these into winning programs will demand energy, creativity, competence, and a strong commitment to the public interest.
November 10, 2021
A Fossil Fuel-Aligned Investment Executive Is Biden's Final Nominee to Manage Federal Retirement Funds
Harvard President Larry Bacow announced mid-afternoon on September 9th that the Ivy League university — whose 53.2 billion endowment exceeds the GDP of over 100 countries — would officially end its investments in fossil fuels. That announcement set off a domino reaction of divestment announcements from Dartmouth, the California State University system, Boston University, the University of Minnesota, the University of Toronto, the MacArthur Foundation, the Ford Foundation, the Netherlands’ largest pension fund, and hundreds of other groups. They appear to see the writing on the wall that fossil fuel investments, beyond being morally egregious, are also no longer profitable.
November 09, 2021
The process of enhanced oil recovery that Crabtree champions is dangerous. Aside from the considerable economic and scientific barriers to scale, discussed below, the model of the CCT Crabtree supports rests on an unethical premise: that decarbonization should be profitable for Big Oil.
November 05, 2021 | The American Prospect
With his legislative climate agenda hanging in the balance, President Biden turned to executive action this week in his attempt to “assert American leadership” at COP26 in Glasgow. On Tuesday, the Environmental Protection Agency (EPA) announced sweeping new rules to curb methane emissions. Those standards, which the agency estimates would eliminate a greater volume of emissions between 2023 and 2035 than those emitted from all U.S. passenger cars and commercial planes in 2019, were rightly applauded. For now, however, these are just estimates. Ensuring that they turn into real-life emissions reductions that meet or exceed expectations will require that agencies have the capacity to promptly write strong new rules and, then, enforce them.
November 02, 2021
This administration has consistently affirmed its commitment to rebuilding the federal workforce. But with only 98 months left until 2030, at which point we will need to have cut U.S. emissions in half to avoid climate catastrophe, it should be clear that there’s no time to waste turning words to action.
November 02, 2021
It has been over nine months since President Donald Trump left office, but on climate policy the federal government continues to show the scars from his disastrous presidency. At a moment when we do not have even a second to waste to avoid catastrophic climate change, agencies are struggling to build back better after attacks on scientific integrity and agency budgets left them without sufficient staff capacity and expertise. While the Biden administration has consistently affirmed its support for the federal workforce through rhetoric and action, New York Times reporting from this summer makes clear that the rebuilding is still not happening fast enough.