Political Quotes

“I rise to speak in support of the ``Addressing Climate Financial Risk Act,'' which I introduced today. Background The average global temperature has increased by over 3 degrees Fahrenheit in parts of my home State of California over the last century, and 2020 is on track to be the hottest year on record. Climate change is driving the increasing frequency and severity of wildfires, floods, droughts, and other natural disasters and extreme weather events. In California, wildfires in particular have become a major annual concern. This year alone, wildfires have burned 4.1 million acres of California forests and destroyed more than 10,000 structures, including more than 5,000 homes. The damage and risk generated by these events--in addition to the changes needed to transition to a lower-carbon economy--threaten to severely disrupt real estate values in high-risk areas, make insuring against risk increasingly unaffordable, and dramatically change whole sectors of the economy. Need for Legislation Unfortunately, U.S. Federal financial regulators have not done enough to ensure that they fully understand and are appropriately acting on the risk that climate change poses to the stability of the U.S. financial system. Therefore, I believe there are a series of simple steps we should take to ensure that U.S. financial regulators are well-equipped to mitigate climate financial risk. This bill would make five main improvements to the U.S. financial regulatory system.…”