![]() Yellen’s chief of staff, Didem Nisanci, previously served on the G-20 Task Force on Climate-Related Financial Disclosures. Among them is Biden’s nominee to be under secretary for domestic finance, Nellie Liang, who oversaw financial stability efforts at the Federal Reserve. Treasury declined to comment on the criticism to Morton’s hiring.Ī number of Treasury officials are expected to lead the department’s climate efforts. “Understanding and mitigating the risks that climate change poses to the stability of the U.S. “Ensuring that policies designed and implemented to assist with the transition to a lower carbon economy are broadly just and equitable and support well-paying jobs” “Ensuring that environmental justice considerations feature centrally in programs, policies, and activities” “Leveraging economic and tax policies to support building climate-resilient infrastructure and ensuring the transition to a net-zero decarbonized economy” “Mobilizing financial resources for climate-friendly investments at home and abroad, and prioritizing the expedited transition of high-emitting sectors and industries” On Monday, Treasury also outlined the department’s climate goals, including: Treasury timed the news with an international climate summit Biden is hosting Thursday and Friday, which is expected to focus on the financial system’s role in global warming and the potential risks. Why it matters: The long-awaited hire, which Yellen pledged to make during her Senate confirmation hearing in January, is the latest example of President Joe Biden’s “whole-of-government” approach to addressing climate change. “As a serial revolver without financial regulatory experience, John Morton is not fit for this job,” Hauser said. Jeff Hauser, who leads the watchdog group Revolving Door Project, said that Morton has “moved between public service and private business, including private equity, several times.” ![]() “By choosing someone with no regulatory track record, the Biden administration looks to have stumbled at the first hurdle.” banks, insurers and asset managers from fueling climate risk will require decisive use of every available regulatory tool and the experience to outmaneuver Wall Street pushback,” said Jason Opeña Disterhoft, climate and energy senior campaigner with Rainforest Action Network. ![]() Many of them had been urging Treasury to hire former Treasury deputy secretary and Federal Reserve governor Sarah Bloom Raskin, who has been calling for greater regulation of financial firms’ climate-related activities. “The steep consequences of our actions demand that the Treasury Department make climate change a top priority.”īut news of Yellen’s pick immediately riled environmental activists who want the Biden administration to take a harder line with Wall Street firms that finance fossil fuel producers. “Climate change presents new challenges and opportunities for the U.S. ![]()
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