On September 10, the Financial Stability Oversight Council (FSOC) voted to rescind the charters of its Climate-related Financial Risk Committee (CFRC) and Climate-related Financial Risk Advisory Committee (CFRAC). The committees were chartered during the Biden Administration and were established to study and advise on climate-related risks that could impact financial stability. Specifically, the CFRC, composed of staff from FSOC member agencies, was responsible for coordinating efforts to assess and mitigate climate-related financial risks and for overseeing the work of the CFRAC, which served as an external advisory body providing analysis and recommendations to the CFRC.
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Financial Stability Oversight Council rescinds charters for climate risk committees – JD Supra
