From the outset of our participation in the development of Basel II, the U.S. banking agencies have clearly and consistently stated that the final adoption of the new capital rules in the United States would occur only after (1) we had reviewed all public comments and incorporated any needed adjustments to address legitimate concerns and (2) we were satisfied that Basel II was consistent with safe and sound banking in this country.
And finally – central banks should be transparent about the climate risks on their own balance sheets. And they should ensure that their own reserves are aligned with international sustainability goals and Corporate Social Responsibility standards.