Treasury Department unable to properly perform tasks-U. S. Senate
2023.03.10 03:16
Treasury Department unable to properly perform tasks-U. S. Senate
By Tiffany Smith
Budrigannews.com – On Thursday, three senators from the United States criticized the Treasury Department for its slow response to climate risks and urged Secretary Janet Yellen to appoint a new climate counselor to lead the effort.
Democratic Senators Elizabeth Warren, Sheldon Whitehouse, and Edward Markey criticized the work done by John Morton, Yellen’s first climate counselor, in a letter that was seen by Reuters. In December, Morton resigned and entered the private sector once more.
The senators stated that it had been nearly two years since Treasury established a “Climate Hub” and appointed Morton to coordinate its strategies, but that the outcomes had not been satisfactory.
Yellen has not yet named a trade for Morton, despite the fact that Depository has many individuals dealing with environment related issues, remembering some for key senior positions.
Through the passage of the Inflation Reduction Act’s clean energy tax incentives and efforts to better understand climate-related financial risks, Treasury spokesperson Julia Krieger emphasized the department’s central role in the Biden administration’s climate agenda.
Given Morton’s leadership on key initiatives, such as mobilizing capital for global climate-friendly energy transitions and $279 billion in clean energy tax credits under the IRA, a second Treasury official described the criticism of Morton as “frustrating and unfair.”
The Financial Stability Oversight Council, which identified climate change as an “emerging and increasing threat to U.S. financial stability” in October 2021, also criticized Treasury’s leadership of climate efforts in their letter.
The second Depository official, who was not approved to talk openly, said the free organizations assembled under FSOC were making a move, however those means followed endorsed processes. The official stated that because the agencies were independent, no Treasury climate counselor could accelerate that work.
The senators also criticized Treasury for not taking advantage of its position as the largest shareholder in the International Monetary Fund to stop lending that allowed other nations to expand their use of fossil fuels, pointing out that other nations were moving at a faster rate.
Over a dozen questions regarding Treasury’s efforts to mitigate climate change-related risks to the U.S. economy were posed to Yellen for her response.
Yellen this week told a warning board environmental change was at that point monetarily affecting the US and may set off resource esteem misfortunes before very long that could flow through the U.S. monetary framework.
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