Yellen-led financial stability council meets Monday on climate, stablecoins

A council report on climate-related financial risk and an update on a report on stablecoins being developed by the President’s Working Group on Financial Markets are slated for discussion Monday by the Financial Stability Oversight Council (FSOC).

Based on the council’s July meeting minutes, the climate risk report is expected to “address issues including climate-related financial disclosure and the measurement and monitoring of climate-related risks to the financial system.” The report was to be developed among Treasury and other council-member agencies.

The stablecoins report will be discussed during the executive, or closed, portion of Monday’s meeting. This portion of the meeting will also include an update on the FSOC’s 2021 annual report, the meeting notice states.

The FSOC was created under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to identify risks and respond to emerging threats to financial stability. Chaired by Treasury Secretary Janet Yellen, the 15-member council (of which 10 members have voting authority) includes as members, among others, the heads of the federal financial institution and markets regulators.

Meeting notice