01 Mar 2022
Joint Public Hearing: To explore financial risks on banking posed by climate change.
Virtual Public Hearing
Senate Standing Committee on Banks
Chair: Senator James Sanders Jr.
Senate Standing Committee on Finance
Chair: Senator Liz Krueger
Senate Standing Committee on Environmental Conservation
Chair: Senator Kaminsky
Public Hearing: To explore financial risks on banking posed by climate change.
Time: 11:00 A.M.
Contact: Paul Alexander (518) 455-3530
Media Contact: AnnMarie Costella (718) 523-3069
ORAL TESTIMONY BY INVITATION ONLY
Senator Sanders to Host Public Hearing on Banking and Climate Change
As Chair of the New York State Senate Banks Committee, Senator James Sanders Jr. is hosting a public hearing on Banking and Climate Risks on Tuesday, March 1, 2022 from 11:00 AM to 2:00 PM. The hearing will be held virtually.
The purpose of the hearing is to learn about the risks posed by climate change on the banking industry and reporting practices on these risks by banks. Additionally, the hearing will explore ways to improve oversight and reporting of climate risks. As you know, climate change is a great threat to the economy of New York State, the United States and the World.
In September 2021, the UN Secretary-General António Guterres said, “I cannot emphasize enough that time is running out. Irreversible climate tipping points lie alarmingly close. Civil society is watching closely and is running out of patience.”
The hearing is sponsored by the Senate Banks Committee, Senate Finance Committee, and the Senate Environmental Conservation Committee. The New York State Department of Financial Services has a website pertaining to climate change at https://www.dfs.ny.gov/industry_guidance/climate_change
PANEL A (Government)
Dina Maher, Vice President, Supervisory Policy and Strategy Function Supervision, Federal Reserve Bank of New York
Dr. Yue (Nina) Chen, Executive Deputy Superintendent, Climate Division, New York State Department of Financial Services
PANEL B (Experts)
Dr. Robert Engle, Professor Emeritus of Finance, Co-Director, The Volatility and Risk Institute, Leonard N. Stern School of Business, Kaufman Management Center, New York University, Nobel Prize in Economic Sciences (2003)
Dr. Robert Litterman, founding partner of Kepos Capital, Chair of the Commodity Futures Trading Commission’s Climate-Related Market Risk Subcommittee
PANEL C (Bankers)
Cathy Kantrowitz, President, New York Mortgage Bankers Association
Christina Wiley, Executive Director, New York Mortgage Bankers Association
Ivan Frishberg, Senior Vice President Chief Sustainability Officer, Amalgamated Bank
PANEL D (Public Interest)
Richard Schrader, New York Policy and Legislative Director, NRDC
Stephan Edel, Coordinator, New York Renews Coalition
David Arkush, Managing Director of Public Citizen’s Climate Program and a Fellow at the Roosevelt Institute
Tousif Ahsan, Public Bank Campaign Coordinator, New Economy Project
Collin Rees, U.S. Program Manager, Oil Change International
PANEL E (Local)
Dr. Edward Williams, President, Regional Ready Rockaway
Sandi Pope, President & CEO, CistaGirls 4 Clean Water Corp.
Kevin W. Alexander, President & CEO, Rockaway Development & Revitalization Corporation