New York Department of Financial Services Orders Banks, All Lending Must Consider ‘Climate Risk’
Nov. 24, 2020 (EIRNS)—In keeping with Fed Chairman Jerome Powell taking the Fed into the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), the New York State Department of Financial Services (DFS) sent a letter to all New York banks and non-banks with instructions for doing their duty as gauleiters for destroying the U.S. economy. Each bank must appoint a member of the Board of Directors and some senior management to be responsible—and “accountable”—for having their banks conduct a “climate risk assessment” on every loan. Risk now does not measure profitability, nor social good, but how much carbon is emitted by the business. Too much carbon, drop dead.
DFS is the first U.S. regulator of financial institutions to publish expectations for regulated institutions in relation to climate change risk management, according to mondaq.com.