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ARTICLE · 31 MAY 2021

White House Instructs Agencies To Analyze And Mitigate "Climate-Related Financial Risk"

Jones Day
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Executive Order directs whole-of-government approach and broad regulatory effort.

United StatesGovernment, Public Sector
Donald McGahn II
Donald McGahn II
Jayant W. Tambe
Jayant W. Tambe
Fernand Lavallee
Fernand Lavallee
Lisa Ledbetter
Lisa Ledbetter
Alexander V. Maugeri
Alexander V. Maugeri
Kate O'Scannlain
Kate O'Scannlain
Joseph Sconyers
Joseph Sconyers
Schuyler J. Schouten
Schuyler J. Schouten
Brett A. Shumate
Brett A. Shumate
+1 more
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On May 20, 2021, President Biden issued an Executive Order ("Order") directing agencies to analyze and mitigate "climate-related financial risk." Part of the administration's broader climate agenda, the Order requires agencies to develop a "comprehensive, Government-wide strategy" affecting the financial system and Federal Government. Designed to address what the President describes as "[t]he failure of financial institutions to appropriately and adequately account for and measure" climate risks, the Order and agencies' implementation of it will affect financial regulation, pensions, procurement, and Federal budget oversight.

The Order directs the Treasury Secretary, in her capacity as chair of the Financial Stability Oversight Council ("FSOC"), to assess risks to financial stability in coordination with FSOC member agencies. The Order encourages FSOC to consider the necessity of actions, including "new or revised regulatory standards," to enhance

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