By Reuters Staff
3 Min Read
WASHINGTON (Reuters) - The U.S. government under President Joe Biden is working closely with the international community to tackle climate change, increase the scale of climate finance and leverage additional private investment, Treasury Secretary Janet Yellen said on Tuesday.
FILE PHOTO: U.S. Treasury Secretary-designate Janet Yellen in Wilmington, Delaware, U.S., December 1, 2020. REUTERS/Leah Millis
Yellen told her first meeting with the Coalition of Finance Ministers for Climate Action, a two-year-old group that Washington joined last week, that the U.S. Treasury would play a critical role in a government-wide push to reach an ambitious 2030 emissions target under the 2015 Paris climate agreement.
Date
06/04/2021
Thank you to Minister Vanhanen and Minister Cerda for inviting me to speak to you today.
Let me begin by saying how excited the Biden-Harris Administration is to bring the United States back into the fold to tackle the generational issue of climate change. Climate, by its very nature, requires strong global cooperation. We lost four important years, and we recognize that many of you around the room have been leading change in your own countries. The United States was pleased to join the Coalition last week, and my team and I look forward to engaging with you on this important agenda: Finance ministries have a vital role to play, and there is much that we can learn from each other about how to integrate climate into our financial planning and decision-making.
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The Situation: On January 4, 2021, the Office of the Comptroller of the Currency ( OCC ) issued an Interpretive Letter permitting national banks and federal savings associations ( Banks ) to participate in independent node verification networks ( INVN ) and to use stablecoin, a type of cryptocurrency designed to have stable value, to conduct payment and other activities permitted for banks.
The Result: The OCC Interpretive Letter relies upon longstanding regulatory and case law precedent holding that the business of banking should evolve and adapt to technological changes as they occur. The OCC concludes that validating, sorting, and recording payment transactions by serving as a node on an INVN, issuing stablecoin, and exchanging stablecoin for fiat currency such as U.S. dollars are permissible bank-payment activities when conducted consistent with applicable law and sound banking practices.