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[–]Site_rly_sux 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

This headline is a lie and you're all morons for using it to confirm your bias towards paranoia.

At first I dug in because I wanted to find out - is the fed standardising an ESG policy for debt issuers? Wouldn't that be the job of the SEC and not the fed?

But my suspicions were right, it's all totally bullshit. Here is the kernal of truth, about which this whole BS was written:

Six of the nation's largest banks will participate in a pilot climate scenario analysis exercise... to measure and manage climate-related financial risks.

It's an exercise where they ask: if some country unexpectedly floods, is your bank over-exposed to their debt? If the water sources feeding las Vegas and arizona dry up, will it affect your banking customers' deposits in Minnesota?

That's a fair and sensible line of enquiry for the fed to take banks down.

Not only is it not ESG related but it's not credit score related either.

Why am I the only commenter here who actually reads the article? Y'all who are calling this a China credit score problem need to explain how you're getting there from bank stress testing exercises. Because it's bullshit, you didn't read it, just confirmed your bias towards paranoia

[–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

wow for once I don't disagree with you