During her confirmation hearing, Janet Yellen--Biden's nominee for Treasury Secretary--promised to employ the authority of the Treasury Department to combat climate change.
This statement reinforces the conclusion that the Biden Administration will seek to make expansive use of its regulatory and administrative authority to pursue climate change policy, which may lead to numerous regulations and enforcement activity beyond the typical environmental context.
Businesses in America should prepare--as many are already doing so--to address and adapt to climate change regulations in the financial sector.
Treasury secretary nominee Janet Yellen on Tuesday pledged to create a team to focus on climate change, in a move that's likely to put the powerful agency at the forefront of the Biden administration's efforts to combat what she called an "existential threat." In a hearing before the Senate Finance Committee, Yellen said she planned to start a new Treasury "hub" that would examine financial system risks arising from climate change and on related tax policy incentives. She also intends to appoint a "very senior-level" official to lead climate efforts.