The Financial Stability Oversight Council (FSOC) has unanimously voted to establish the Climate-related Financial Risk Advisory Committee (CFRAC) as part of its ongoing work to address risks posed to the broader financial system because of climate change. The panel’s first meeting is expected to be in early 2023.

“Assessing climate-related financial risk is a complex and important task, and I am grateful for the willingness of this committee to take on this work,” Secretary of Treasury Janet Yellen said during a meeting of the council on Oct. 3, 2022. “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.”

FSOC named the following 20 members and one government observer to serve on the new advisory panel:

  • Viral Acharya, economics professor at New York University Stern School of Business
  • Catherine Ansell, executive director of climate risk, JPMorgan Chase
  • Laura Bakkensen, professor at University of Arizona’s School of Government and Public Policy
  • Wendy Cromwell, vice chair and head of sustainable investment, Wellington Management
  • Karen Diver, senior advisor to the president for Native American affairs, University of Minnesota
  • Allen Fawcett, chief of climate economics branch, Environmental Protection Agency (government observer)
  • Ivan Frishberg, senior vice president and chief sustainability officer, Amalgamated Bank
  • Ilmi Granoff, senior fellow at the Sabin Center for Climate Change Law and adjunct research scholar at Columbia Law School
  • Emily Grover-Kopec, director of energy and climate practice, Rhodium Group
  • Janine Guillot, special advisor to the chair of the International Sustainability Standards Board
  • Noah Kaufman, research scholar at School of International and Public Affairs’ Center on Global Energy Policy, Columbia University
  • Ed Kearns, chief data officer, First Street Foundation and former chief data officer, Department of Commerce and National Oceanic and Atmospheric Administration
  • Tracey Lewis, policy counsel, Public Citizen’s Climate Program
  • Bob Litterman, founding partner of Kepos Capital and former chair of the Commodity Futures Trading Commission’s Climate-Related Market Risk Subcommittee
  • Cecelia Martinez, principal advisor for resilience and communities, Bezos Earth Fund
  • Michael Panfil, senior director and lead counsel, Climate Risk & Clean Power, Environmental Defense Fund
  • William Pizer, vice president for research and policy engagement, Resources for the Future
  • Julie Renderos, executive vice president and chief financial officer of Suncoast Credit Union
  • Arthur Small, lecturer, School of Engineering and Applied Sciences, University of Virginia
  • James Stock, vice provost for climate and sustainability, Harvard University
  • Peter Wilcoxen, energy and environmental policy professor, Syracuse University

Dodd-Frank established FSOC to monitor any risk buildup in the financial system and address problems that could damage the broader economy. 

Treasury Secretary chairs the risk panel, and heads of other financial regulators are members, including the SEC.

FSOC first announced plans to form CFRAC in a 2021 Report on Climate-Related Financial Risk.

“The CFRAC will help the Council receive information and analysis on climate related financial risks from a broad array of stakeholders,” Treasury Department said. “Members’ climate data and analytical expertise will support regulators’ efforts to translate climate-related risks into economic and financial impacts.”

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