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Climate Risk Scorecard

Assessment Key
Significant ProgressSignificant Progress
Some ProgressSome Progress
No ProgressNo Progress
Not ApplicableNot Applicable
Other Agency Scorecards:
About the U.S. Department of the Treasury

The U.S. Department of the Treasury’s (Treasury) mission is to maintain a strong economy and create economic and job opportunities by promoting economic growth and stability at home and abroad, fostering improved governance in financial institutions, and managing the U.S. government’s finances and resources effectively. While Treasury itself has limited direct rulemaking authority over financial entities, it is responsible for policy formulation, promoting economic conditions that protect the integrity of the U.S. financial system, and fostering improved governance in financial institutions. 

The Secretary of the Treasury chairs the Financial Stability Oversight Council (FSOC), which is responsible for identifying risks to the financial stability of the country and responding to emerging threats. FSOC facilitates regulatory coordination among financial regulators, facilitates information sharing and collection, designates firms and financial market utilities as systemically important, and intervenes with firms that pose a threat to financial stability. 

The Office of Financial Research (OFR) supports FSOC and member agencies by collecting and providing data to FSOC, performing research, developing tools for risk measurement and monitoring, and assisting member agencies in determining the types and formats of necessary data.  

The Office of State and Local Finance (OSLF) coordinates Treasury’s policies on state and local issues, providing research and analysis on infrastructure financing, developing policy responses to fiscally stressed entities, and serving as a central point of contact for state and local finance officials, municipal market regulators, standards bodies, and bankers. 

The Federal Insurance Office (FIO) monitors all aspects of the insurance sector, including the extent to which traditionally underserved communities have access to affordable non-health insurance products. It also represents the U.S. on prudential aspects of international insurance matters.  

The Treasury works with other federal agencies and international financial institutions to improve the  safeguards of our financial systems and prevent economic and financial crises. As noted by FSOC, “[t]he increasing economic effects of climate change imply that climate-related financial risks are an emerging threat to the financial stability of the United States.” By addressing these risks, Treasury is fulfilling its duties to contribute to the greater stability and resiliency of the broader U.S. economy.

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