Casten Urges CFTC to Include Casten-Led Climate Priorities in Market Risk Advisory Committee Report

Statement

U.S. Representative Sean Casten (IL-06) submitted a comment letter to the Commodity Futures Trading Commission (CFTC) Climate-Related Market Risk Subcommittee Chair Robert Litterman urging the subcommittee to include polices from two Casten-led bills, H.R. 3623, the Climate Risk Disclosure Act and H.R. 5194, the Climate Change Systemic Risk Act, in his final report to the Market Risk Advisory Committee.

Casten and U.S. Senator Elizabeth Warren (D-Mass.) introduced H.R. 3623 the Climate Risk Disclosure Act of 2019 to require public companies to disclose critical information about their exposure to climate-related risks. The legislation would help investors appropriately assess climate-related risks, accelerate the transition from fossil fuels to cleaner, and more efficient energy sources, and reduce the risks of both environmental and financial catastrophe. The bill passed out of the House Financial Services Committee in July of 2019.

In November, Casten and U.S. Senator Brian Schatz (D-HI), introduced the Climate Change Financial Risk Act of 2019. The legislation would direct the Federal Reserve (Fed) to conduct stress tests on large financial institutions to measure their resilience to climate-related financial risks.

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