The OCC wants to ensure that large banks properly identify and manage the risks associated with both physical and transition aspects of climate change. It publishes a first draft of Principles to provide a high-level framework for the safe and sound management of exposures to climate-related financial risks, consistent with the existing risk management framework [...]
CFTC encourages the use of SOFR for ETD / XTD (EXchange Traded Derivatives) and makes 4 key statements: 1- Eurodollar futures and options are LIBOR contracts; --> so they should be abandoned 2- SOFR futures trading volumes are growing rapidly, and SOFR futures exposures are larger than market participants realize, given the construction of LIBOR [...]
The report recommends urgent actions in several domains: - Legislation - to address prudential risks, Stablecoins ought to be under appropriate federal supervision and oversight - User protection and run risk - Payment systems risk - Systemic risk and interconnectivity issues The report highlights in particular the "Illicit Finance Risk": fraud risk, AML/CFT, tax (IRS) [...]
This report represents an initial review by the Council of current efforts by its members to incorporate climate-related financial risk into their regulatory and supervisory activities, enhance climate-related disclosures, and assess climate-related risks to the financial stability of the United States. It includes 35 recommendations that FSOC and its members can adopt to strengthen the [...]
US GAO summary assessment of the US FED lending programs and their effect on credit markets: "The last of the Federal Reserve's emergency lending programs supported through CARES Act funding ended in early 2021. As of September 1, 2021, the programs had about $19 billion in assets. Economic indicators we examined suggest that these programs [...]
The Executive Order foreword states a number of very interesting objectives for the Biden Administration (our highlights on key words): This report lays out a strategy to advance a whole-of-government effort that safeguards workers and families from financial loss and positions the United States for success in the fight against climate change. It includes a [...]
Aligning cross border initiatives to enhance ESG and responsible investing. More info on https://events.climateaction.org/sustainable-investment-forum-north-america/.
17/08/2021 An analysis by GAO* of the actions from the US Treasury in response to the Pandemic, recommending some improvements to the clarity of its policies and to its communication to market participants. *GAO is the Government Accountability Office, a legislative branch government agency that provides auditing, evaluation, and investigative services for the United States [...]
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