Established in October 2022, the Climate-related Financial Risk Advisory Committee (CFRAC) is the Financial Stability Oversight Council’s first external advisory committee. The CFRAC assists the Council in gathering information on, conducting analysis of, and making recommendations to identify, assess, and mitigate climate-related risks to the financial system, consistent with the Council’s purposes and duties under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“In establishing this committee, we will leverage the expertise of those outside of government and work collaboratively to improve our collective understanding of how climate change may impact the financial sector. The newly established advisory committee will also ensure that state and federal policymakers hear from leading experts on climate-related financial risks.” – Secretary of the Treasury Janet L. Yellen
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