At a Tuesday press briefing Trump warned that COVID would probably get worse before it got better and that we should ip伋理app!
These would have been more helpful messages in March. Or April. Or May. Or June. But welcome to the party!
Bah. Trump's polls must be dreadful and now I am fuming about this latest example of regulatory capture:
Climate Change Poses ‘Systemic Threat’ to the Economy, Big Investors Warn
Financial regulators should act to avoid economic disaster, according to a letter from pension funds and other investors representing almost $1 trillion in assets.
Oh, groan. This is classic 'death by a thousand cuts'. Generally, big companies favor ever-more regulation to choke out any smaller emerging competitors, who can't spread compliance costs over as broad a base.
In this case, the new regs are being proposed by steely-eyed investors:
WASHINGTON — Climate change threatens to create turmoil in the financial markets, and the Federal Reserve and other regulators must act to avoid an economic disaster, according to a letter sent on Tuesday by a group of large investors.
“The climate crisis poses a systemic threat to financial markets and the real economy, with significant disruptive consequences on asset valuations and our nation’s economic stability,” reads the letter, which was signed by more than three dozen pension plans, fund managers and other financial institutions that together manage almost $1 trillion in assets.
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Investors worry that if regulators do not act, climate change may cause the price of some companies to fall suddenly, the effects of which may ricochet through the economy. Providing more information about that risk — for example, by requiring companies to disclose more about their greenhouse gas emissions, or which of their facilities are at risk from rising seas — could help investors make better decisions.
Oh, brother. More mandated disclosure can also help trial lawyers file more silly class-action suits. Who is pushing this again?
The letter was signed by some of the largest pension funds in the country, including the California State Teachers’ Retirement System, or CalSTRS, which manages $246 billion; the New York City Comptroller’s Office, which oversees pension funds worth $206 billion; and the New York State Comptroller’s Office, which manages the state’s $211 billion retirement fund.
Uh huh, NY and California? I don't think politics has anything ta all to do with this. Next week we can read virtually the same letter. Replace "climate change" with "social justice", change the risks to include protests, riots and consumer boycotts, et voila - we need more disclosure on what companies are doing to advance racial and gender equality.
This is baffling, if you make the mistake of thinking this is any sort of good faith proposal:
Liz Gordon, executive director of corporate governance for New York State’s fund, said that even large institutional investors with skilled researchers could not protect their holdings against climate risk. “We do a lot of engagement with companies individually,” Ms. Gordon said. “But that’s not going to solve the broader problem.”
She said the S.E.C., which regulates the stock market and requires publicly traded companies to regularly disclose information about a range of perils they face, should also require those companies to better disclose the financial risks they confront from climate change.
Not going to solve ip伋理app problem? It reads as if the huge NY State fund can chat with companies all day to get the info they want. I am highly confident that if a large lender - eg, JP Morgan Chase - is curious about these risks the company will be forthcoming.
This is just yet another way to push the climate change agenda without the tedium of new laws that can't be passed. The Times is kind enough to explain this:
“Every medium and large business has bank loans and has insurance,” said Steven Rothstein, managing director of the Ceres Accelerator for Sustainable Capital Markets, a group that works with investors and which organized the letter.
The letter calls on regulators to adopt the steps Ceres outlined last month in a report that makes 51 recommendations to eight federal agencies. At its core are two demands: that the agencies treat climate change as a systemic risk, and that the S.E.C. ensures mandatory and consistent disclosure of climate threats facing companies.
According to Ceres, regulators can adopt each of its recommendations without new legislation from Congress. Still, during the Trump administration, even agencies that are meant to have a degree of independence from the White House have been reluctant to address climate change. President Trump has called global warming a hoax, and he has reversed nearly 70 environmental rules, with another 30 in progress.
Nevertheless, Ceres’s recommendations offer a blueprint for how a Democratic administration might begin to tackle climate change, should former Vice President Joseph R. Biden Jr. win the presidency in November. Last month, Democrats on the House Select Committee on the Climate Crisis released a 伋理ip大全 that echoed some of the recommendations from Ceres, particularly ones regarding the disclosure of financial risks.
The letter on Tuesday suggests that those recommendations have significant support among investors as well.
So in essence, under Team Biden climate activists will promote a thousand new regs to tie up business. This is the sort of thing the corporatist/statist Democrats like Hillary and Sleepy Joe live for. Its why they are so keen to see the Clinton Restoration - every business will need a friend in the BidenWorld and their will be plenty of lobbyists ready to help.
Hillary did a great job of monetizing this directly - if you wanted access to a Senator/SecState, write a check to Bill. Biden has done a decent job of securing lucrative lifetime employment for his deadweight son. This is not a great time for Trump to be losing an election over a failed COVID response.
But justice! Sorry, I'm ahead of myself - but climate!
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