Climate “Stress Tests” May Be Coming To U.S. Banks

Here’s a piece from Reuters that suggests that U.S. banks may be required to undergo climate-related “stress tests,” to ensure that they have sufficient resilence in the case of disasters caused by climate change: floods, droughts, wildfires, etc.   Fed Chair Jerome Powell (pictured) says he’s “open to the idea.”

Such practices are universal among European banks.

Here’s another good illustration of an important fact.  Your Uncle Bob may be a climate denier.  That’s his right.  Recognize, however, that in the circle of people who are responsible for managing trillions of dollars, there is no such thing as climate denial.  These people didn’t get where they are by imbibing right-wing political crap from Fox News and the like.