President Joe Biden plans to direct his administration to develop a strategy on climate-related risks for public and private financial assets, according to a draft document seen by Bloomberg News. The government-wide strategy is set to be developed within 120 days under an executive order that's nearing completion, according to a person familiar with the matter. The strategy would be drafted by National Economic Council director Brian Deese and National Climate Advisor Gina McCarthy in coordination with Treasury Secretary Janet Yellen and the Office of Management and Budget. Treasury would also work with members of the Financial Stability Oversight Council to share climate-related financial-risk data and issue a report within six months on efforts to address such risks within the respective purviews of each independent regulatory agency. Members of FSOC include the heads of the Federal Reserve and the Securities and Exchange Commission. Governments, regulators and business leaders on Wall Street have been debating how the financial industry should brace for environmental threats and whether companies should provide more information to investors about those risks.
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