FEDERALhearing transcript

House Subcommittee Hearing on Climate Change and Corporate Financial Disclosure

Original title: CLIMATE CHANGE AND SOCIAL RESPONSIBILITY: HELPING CORPORATE BOARDS AND INVESTORS MAKE DECISIONS FOR A SUSTAINABLE WORLD

January 1, 2021

climate change corporate governance investor protection financial regulation sustainability ESG investing

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The Frame

What this does

The hearing explored potential federal requirements for corporations to disclose climate-related financial risks, which could change the information available to investors and the reporting obligations of public companies.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Publicly traded corporations

These entities are the subject of discussions regarding potential new requirements for climate-related financial disclosures.

Investors

Investors are the primary group whose access to climate-risk data would be impacted by changes in disclosure standards.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

This document is the transcript and record of a February 25, 2021, House Financial Services subcommittee hearing. The hearing examined how climate change risks should be disclosed by corporations and how investors use this information to make financial decisions.

Key Facts

The hearing was held on February 25, 2021, by the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.
The hearing focused on the role of corporate boards and investors in addressing climate change and social responsibility.
Five witnesses provided testimony: James Andrus (CalPERS), Andy Green (Center for American Progress), Veena Ramani (Ceres), Vivek Ramaswamy (Roivant Sciences), and Heather McTeer Toney (Environmental Defense Fund).
The record includes multiple reports and letters submitted for the record regarding climate-related financial disclosures, including documents from Ceres, the Financial Services Forum, and the Task Force on Climate-Related Financial Disclosures (TCFD).
The hearing record includes written statements from all five witnesses and additional materials submitted by Chairman Brad Sherman and Ranking Member Bill Huizenga.

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to discuss how climate change impacts corporate decision-making and what information investors need to assess climate-related financial risks.

Did this hearing result in a new law?

No, this was a subcommittee hearing to gather information and testimony; it did not result in the passage of legislation.

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Climate Disclosure

The hearing highlights a shift toward treating climate change as a material financial risk rather than solely an environmental issue.

Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

Connected Entities

personHeather McTeer Toney“Witness from Environmental Defense Fund.”Map →

personVivek Ramaswamy“Witness from Roivant Sciences.”Map →

organizationSubcommittee on Investor Protection, Entrepreneurship, and Capital Markets“The House subcommittee that held the hearing.”Map →

personBill Huizenga“Ranking Member of the subcommittee.”Map →

personJames Andrus“Witness from CalPERS.”Map →

personBrad Sherman“Chairman of the subcommittee.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy60
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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