SIFMA Statement on FSOC Climate Report
Washington, DC, October 21, 2021 – SIFMA released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on a report released today by the Financial Stability Oversight Council (FSOC) that seeks to outline a whole-of-government process to assess climate risk to the U.S. financial system and federal government:
“The financial services industry has long been active on climate priorities. The transition to a low-carbon economy will require concerted and coordinated action by all stakeholders, including tremendous reliance of financial markets to facilitate green equity investment, sector transition financing, liquidity and risk management. We appreciate the Biden Administration’s commitment to examining the issues around climate-related risks and we look forward working together on developing a consistent, harmonized and actionable reporting and risk management framework.”
This past December, GFMA, SIFMA’s global sister trade organization, and Boston Consulting Group (BCG) published a report, “Climate Finance Markets and the Real Economy,” which provides a roadmap for how to accelerate the evolution of climate finance and defines the role capital market participants can play to facilitate the transition to a low-carbon economy in line with their responsibilities to serve clients, investors, and the societies in which they operate.
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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.