adams: let me ask a question about the volcker rule. why has the fed decided to support further changes to the volcker rule given that banks enjoy certain benefits, including access to the fed discount window and the rule was intended to limit banks from engaging in risky investment activities that could contribute to future financial crisis? chair powell: we did just put out a proposal on part of the volcker rule and we think the proposal is entirely consistent with both the letter and the spirit of the law. comments, reading the we just put it out, we look forward to reviewing the comments. rep. adams: i understand you collect along number of daily trading metrics from banks subject to the volcker rule yet it has never been made clear exactly how these metrics are used to determine whether banks are complying with the rule, nor have any of the metrics been released to the public. is that true? we. adams: -- chair powell: publish the first volcker rule six or seven years ago and very widely regulators and financial institutions founded

volcker. the assistant secretary of state for the bureau of eurasian affairs, you saw testimony if we have witnesses and the right to call that witness and to cross-examine this deputy assistant secretary. the former united states ambassador to ukrain ukraine, ambassador yovanovitch they called her. you saw that testimony. we did not have the opportunity to cross-examine her if we have witnesses we have to call her. laura cooper deputy assistant secretary of defense for russia and ukraine in eurasia. they called her. you saw her testimony right here. we did not have the opportunity to cross-examine we would have to be given that opportunity. these are witnesses against the president. laura cooper deputy assistant for eurasia same thing. david hale. under secretary of state for political affairs was called by the house. you saw his testimony we never had the opportunity to cross-examine if we have witnesses we have to have the opportunity to does that. there were other witnesses that were calle

as ambassador volcker testified. if the ukrainians didn't know about the pause, there was no leverage implied. that's why the house managers have kept claiming and continue to claim throughout the trial that the high level ukrainians somehow knew about the pause before late august. that's inaccurate. we pointed out that laura cooper on whom they rely, testified she didn't really know what the emails she saw relating to security assistance were about. we told you that katherine kroft who worked for the ambassador, couldn't remember the specifics of when she believed the ukrainian inside learned of the pause and she didn't remember when news of the pause became public. the house managers also mentioned vindman who claimed vague recollections of unspecifies queries. but he ultimately agreed that the ukrainians first learned about the hold on security assistance probably around when the first stories emerged in the open source. and a claim that they knew about a pause in july is inconsistent with statements by a boss, th

underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason the u.s. banking system is strong in supporting the economy and other banking systems aren't is because we got to it. david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have just for banks? -- to have only four big banks? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, that's not good i could share, -- not very good market share. so there is room to grow. david: what percentage of profits or revenues are from outside the u.s.

the question is, underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. both, the capital, liquidity, stress tests, those regimes are critical. the reason why that u.s. banking system is strong and active and growing and supporting the economy, and other banking systems are not, is because we got to it. david: there are four big banks, -- banks in the united states, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states, or is it working ok? brian: i think it works well. a large amount of the industry is in the hands of -- 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. -- the variety of participants. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp, relative to other countries, this is completely on solid dated business. we have the largest r

underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason the u.s. banking system is strong in supporting the economy and other banking systems aren't is because we got to it. big banks,e are four citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have just for banks? brian: i think it works well. a large amount of the industry, muchbanks, so you have more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, that's not good i could share, so there is room to grow. ofid: what percentage profits or revenues are from outside the u.s.? brian: 15% to 20%. david: is that where expansion can come? brian: we are expanding

underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason the u.s. banking system is strong and afton -- and active and growing and supporting the economy and other banking systems are is because we got to it. david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to grow. david: what percentage o

underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason the u.s. banking system is strong and active and growing and supporting the economy and other banking systems are is because we got to it. david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to grow. david: what percentage of profits or

the question is, underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason why that u.s. banking system is strong and active and growing in supporting the economy and other banking systems are not is because we got to it. david: there are four big banks, in the united states today. citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working ok? brian: i think it works well. there is a large amount of the industry in the hands of -- there is 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, this is completely unconsolidated. we have the largest retail share, about 15%. if we were coca-c

volcker is already gone. he w the enjoy. there are others in the state departmentl as w the president might not take kindly too. some of those who gave evidence about phone calls in which the presidt made it clear that he seemed to be asking foron confirmahat these investigations were gonna continue. so there are a whole range of people that will be wondering about their futures this evening, i'm sure. >> gary, thank you. in other news,.she saw another month of strong jobs growth in january. employees added 2,000 positions last month, while wages rose 3.1% year on year. construction firms helped to drive the gains as milder weather allow for more building. the united nations says nearly 600,000 people have fled the fighting in northwest syria since december. the u.n. estimates that nearly 300,000 may be forced to flee in the coming weeks. the syrian government forces backed by russia continue to seize ground from the rebels. rkey is calling russia to withdraw its support for the offensive. and the highest temperatures in ant

volcker is already gone. he was the enjoy. there are others in the state department as well the president might not take kindly o too. so those who gave evidence about phone calls in which the president made it clearha he seemed to be asking for confirmation that these investigations were gonna continue. so there are age whole r of esople that will be wondering about their futhis evening, i'm sure. >> gary, thank you in other news, the u.s. saw another month of strong jobs growth in january. positions last month, while wages rose 3.1% year on year. nstruction firms helped to drive the gains as milder weather allowed for more building. the united nations says nearly 600,000 people have fled the fighting in northwest syria the u.n. estimates tt nearly 300,000 may be forced to flee in the coming weeks. the syrian government forces cked by russia continue to seize ground from the rebels. turkey is calling for russia to hewithdraw its support for offensive. and the highest temperatures in antarctic since readings again. a research

the question is, underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital liquidity, stress tests, those regimes are critical. the reason why that u.s. banking system is strong and active and growing in supporting the economy and other banking systems are not is because we got to it. david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working ok? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to go to grow. davi

the question is, underneath it, there are pieces like the volcker rule, which people talk about, that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. but the capital, liquidity, stress tests, those regimes are critical. and the reason why u.s. banking system is strong and active and growing and supporting the economy, and other banking systems are not, is because we got to it. david: today, there are four big main banks in the united states, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states, where you think it is working ok? brian: i think it works well. a large amount of the industry is in the hands of -- 5000 banks and community banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. -- the variety of participants. we have the largest market share along with those colleagues. but if you actually look at us as a percentage of gdp, relative to other coun

the question is, underneath it, there are pieces like the volcker rule that swung in a direction where you say i don't think that is what we are trying to do. we are trying to get them more rational. the capital, liquidity, stress tests, those regimes are critical. the reason why that u.s. banking system is strong and active and growing and supporting the economy, and other banking systems are not, is because we got to it. david: there are four big banks in the united states, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states, or is it working ok? brian: i think it works well. a large amount of the industry is in the hands of -- 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety of participants. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp, relative to other countries, this is completely on solid dated business. we have the largest retail share, about 15%. if we we

the roll back of the volcker rule means you can be more lenient within a venture capital world. do you assume more money flowing into v.c.'s and startups and creating more private lofty evaluations? >> banks have been investing in startups for a long time ps this is a new avenue. it has been in works a long time. we'll see goldman sachs investing in softbank and venture capital , probably not but something to watch. taylor: that was lee anna baker. is the u.k. setting itself up for conflict giving huawei ack to 5 g network? and we're live streaming on twitter. checks out. at quick takes on twitter. this is bloomberg. ♪ taylor: welcome back to the best of bloomberg technology. i am taylor riggs. as the coronavirus continues to spread around the world, companies are taking steps to safeguard workers from the outbreak. my colleague and i spoke to a doctor from a biotechnology company in san francisco on wednesday. development ofed a potential vaccine. powerful andvery productive platform to identify anti-bodies. anti-bodies are proteins that circulate in your blood and protect fr

before we talked about the punitive actions of the volcker rule. he talked about red lining which was biased practice not giving low income individuals, mostly minorities, mortgages. he also criticized trading on wall street as well. that you can fine trading that hurts middle america and the average person on main street. what about tuition? he says he needs the money, needs the .1% to pay for tuition-free community colleges. this will cost $700 billion. be debt-free for the lowest income student. parents who make less than $30,000. double the value of pell grant, 12,000, cut income-based repayment in half to just around 5%. as i mentioned to you, as you know, neil, tonight on the stage he mass to answer to previous stances as well, controversial like "stop-and-frisk for one. something he is in favor of, he recently apologized for. paid sick leave and saying "medicare for all" would bankrupt us for a very long time. different stances tonight now that he is looking for the democratic nomination. neil? neil: you hit the nail on the head. the reversa

the rollback of the volcker rule means you can be more lenient within a venture capital world. do you assume more money flowing into v.c.'s and startups and creating more private lofty valuations? >> banks have been investing in startups for a long time. this is a new avenue for them to invest directly in venture capital funds. it has been in the works a long time. we'll see, but will goldman sachs investing as much as softbank and private companies in venture capital? probably not, but it is something to watch. taylor: that was bloomberg's liana baker. coming up later, is the u.k. setting itself up for conflict by giving huawei access to 5g network? we'll find out. and bloomberg technology is live streaming on twitter. check us out at technology. be sure to follow our global breaking news network at quick take on twitter. this is bloomberg. ♪ taylor: welcome back to the best of bloomberg technology. i am taylor riggs. as the coronavirus continues to spread around the world, companies are taking steps to safeguard workers from the outbreak. my colleague and i spoke to a docto

the rollback of the volcker rule means you can be more lenient within a venture capital world. do you assume more money flowing into v.c.'s and startups and creating more private lofty valuations? >> banks have been investing in startups for a long time. this is a new avenue for them to invest directly in venture capital funds. it has been in the works a long time. we'll see, but will goldman sachs investing as much as softbank and private companies in venture capital? probably not, but it is something to watch. taylor: that was bloomberg's liana baker. coming up later, is the u.k. setting itself up for conflict by giving huawei access to 5g network? we'll find out. and bloomberg technology is live streaming on twitter. check us out at technology. be sure to follow our global breaking news network at quick take on twitter. this is bloomberg. ♪ ♪ back to the best of bloomberg technology. i am taylor riggs. as they corona virus continues to spread, companies are taking steps to safeguard workers from the outbreak. tocolleague and i spoke biotechnologies. on thursday we spoke

volcker. the assistant secretary of state you saw testimony if we have witnesses we have the right to call the witness and to cross-examine deputy assistant secretary the former united states ambassador to ukraine and ambassador yovanovitch they called her you saw that testimony. we did not have the opportunity to cross-examine we have witnesses. laura cooper assistant secretary for defense ukraine and eurasia they called her you saw the testimony. right here we did not have the opportunity to cross-examine we would have to be given that opportunity. these are witnesses against the president. laura cooper for russia and ukraine and eurasia same thing the undersecretary of state of political affairs was called to the house you saw the testimony we never saw the opportunity to cross-examine if we have witnesses we have to have the opportunity to do wthat. there were other witnesses that were called you saw the testimony what was referred to department of state the deputy associate director for n

the fed and other financial agencies recently proposed amendments to the volcker rule that would improve, streamline and clarify the covered funds portion of the rule. proposal bills and the supplication of the vocal rule in 2019, standing to improve market liquidity and preserve diverse forces -- diverse sources of capital with balancing safety and soundness. many banking committee republicans and i have raised concerns in the past with the agency possible and examination process, including the use of guidance as rules. in january, the fed vice toirman offered a roadmap foster transparency, accountability and fairness in bank supervision. including tailoring the supervisory framework to better align with categories developed under the fed's thomistic and foreign bank tailoring rules. putting significant guidance out for public comment and submitting it to congress. other improvements to the supervisory process, such as rulemaking, that would cover the agency's use of guidance in the supervisory process. this roadmap has greatly encouraging and i urge the fed to take steps to put it in m

the fed and other financial agencies recently proposed amendments to the volcker rule that would improve, streamline and clarify the covered funds portion of the rule. proposal bills and the supplication of the vocal rule in 2019, standing to improve market liquidity and preserve diverse forces diverse sources of capital with balancing safety and soundness. many banking committee republicans and i have raised concerns in the past with the agency possible and examination process, including the use of guidance as rules. in january, the fed vice chairman offered a roadmap to foster transparency, accountability and fairness in bank supervision. including tailoring the supervisory framework to better align with categories developed under the fed's thomistic and foreign bank tailoring rules. putting significant guidance out for public comment and submitting it to congress. other improvements to the supervisory process, such as rulemaking, that would cover the agency's use of guidance in the supervisory process. this roadmap has greatly encouraging and i urge the fed to take steps to put it in

ambassador to nato, kurt volcker. mr. ambassador, does this need to be an impeachment effort because of the phone call that we all saw and did it lead up to a crime and misdemeanor to the level that the democrats in the congress said it did? >> well, i think impeachment is now behind us. we have seen both the house and the senate perform their roles under the constitution and we know the result. what's important in this, though, is that as a result of impeachment, i believe that the u.s. ability to support ukraine and to be present in the diplomatic discussions has really been damaged. charles: to what degree the damage, because what became clear to the american people is that ukraine, you know, which relies on american support, obviously financial support, military aid and anything else it can get, you know, was in receipt of blankets and things like that under the prior administration and then we were talking about missile systems or weapons systems that could give them a more distinct advantage to push back against rus

-- more recently than volcker, but the long-term disinflation, inflation-adjusted to year yield. here we are the crisis, another , we areand the leg down not to the point of enough is enough on the real yield, are we? patrick: real yields can fall. you have nominal regular rates elsewhere. the central bank will be cutting if there is a shock to consumer confidence, even though i don't think it will be incredibly effective. real yields likely will fall further in the short term, long-term is where i'm starting to worry. safety and yield i am getting in cash which is the safest. keep annart, just to entertained, the german 10 year yield and there is the rollover in the last couple of days. i am not supra--- i'm surprised germany has not rolled over more. hugh: it is a question of where central banks have the most ammunition to cut rate so the reason u.s. treasuries outperformed his people are looking at the fed as having more scope to act if they decide rate changes are the appropriate course. anna: we are also seeing a different conversation emerging in germany. there is talk of r

ambassador to the european union gordon sondland and special representative for ukraine negotiations volcker attended zelensky's inauguration the following week. these three returned from ukraine impressed with president zelensky, in a meeting shortly there after with president trump in the oval office they relayed their positive impression of the new ukrainian president and encouraged president trump to schedule the white house meeting he promised in his first call. but president trump reacted negatively, he railed that ukraine tried to take me down in 2016. and in order to schedule a white house visit for president zelensky, president trump told the delegation that they would have to, and i quote, talk to rudy. it is worth pausing here to consider the importance of this meeting in late may. this is the moment that president trump successfully hijacked the tools of our government to serve his corrupt personal interest. when the president's domestic political errand as one witness fame ously described it began to overtake and subordinate u.s. foreign policy and national security interests, b

a volcker, i appreciate your leadership on this issue. globalually every measure, women are more extended than men, over one billion women around the world are restricted andhaving the same jobs restricting the types of jobs and where and when they can work. ithink it defines differently. regardless if it is 9000 countries for more discriminate -- communitiese and countries and the global economy are often hurt by women not allowed equal opportunity critic researcher just that closing the gender gap in the $28 trillionld add to the global gdp by 2025. human capital wealth would increase by over $100 trillion according to the world bank. i'm excited to be joining senator graham on this legislation. -- a lothere is a lie of bipartisan support for this initiative and if weekend get off the ground, it will continue in future congresses that -- in a way that would make a difference around the world. , itchieve empowerment incorporates women's and girls rights, protections and how can order to truly help women and girls succeed. this legislatio

to reimpose and strengthen obama era rules which he called punitive actions in 2011 and toughen the volcker rule. he plans to add a special unit in the department of justice that would go after corporate corruption, not just companies but individuals within the companies. bloomberg would expand whistleblower protections. he wants banks to absorb more losses, keeping more cash on hand and not lending out as much money. this comes out after a video of bloomberg surfaces one from 2011 saying farmers may not have enough gray matter to do anything else other than farming. he says farming is. easy. as you might imagine that did not sit well with farmers. >> they have to be well diversed in multiple occupations from welding, fabricating, electrical, plumbing, being a vet. today's farming landscape with, very to be masters of gps, soil science, weather marketing in order to stay alive. reporter: in another video bloomberg suggests that minorities don't know how to act in the work place. he is hoping the new plan he unveiled about wall street will grab some of those headlines and get democratic vote

bloomberg's proposals include toughening the volcker rule and a financial transaction tax. why go after wall street here's what leon cooperman has to say. >> i don't think the democrat party wants bernie sanders or elizabeth warren to head their ticket if that's right and nobody breaks out in the primaries, i think you go to a brokered convention i think mike bloomberg has a good shot in a brokered convention he's trying to court the party >> can he court the party and beat trump let me bring in libby cantrell, head of public policy at pimco and brian schwartz libby, is bloomberg's strategy here with this plan today of tacking to the left going to work for a guy who voted for george w. bush as president and used to be a republican and, by the way, made his billions from wall street? >> yeah, kelly, it's a great question in some ways given how far left the democratic party has gone, he almost had to do this, right? he's very much in lock-step with the democratic party on many other issues and this is one of the more remaining issues that he hadn't put out a plan his plan doe

we have gone from the volcker 10% to 12% on down. is this a linear function and we will keep bringing our yields lower? tony: linear because there is consistency amongst central bankers to do something about the high inflation of the 1970's, and they have been relentless about it and have targets on inflation that suggest they will not allow inflation to accelerate like it did in the past. it is linear but will probably bottom out. one major force that will remain for decades is the demographic forces aging of the population. japan's population of 125 million will shrink to 100 million by 2050, meaning its economic growth potential is low. the united states forecasts .4% in the4% of -- next 30 years. fewer people to buy things, make things. it has been linear because of consistency amongst policymakers are the demographic forces, low productivity all keeping yields down for a low time to come. the only thing that could change is a change in the monetary policy framework. my former colleague richard clarida is working on an idea, some

recently, voted with other bank regulators to weaken the volcker rule about having protections in the 2013 rule allowing for more risky leverage investments. are we going in the right direction? it seems the financial system is getting more complex or exotic. things people don't understand. >> what we are focused on is maintaining much higher capital, much higher liquidity requirements. stress test that keep the banks on their toes and address the issues of the day. also resolution planning. those are the important measures that we put into place after the financial crisis. we are focused on sustaining those, making them more effective and keeping them strong. >> welcome back, mr. chairman. good to see you. i have several technical questions i would like to go over. some we have discussed to varying degrees in the past. one is the fed's real-time payment system. i was never convinced it was a great idea for the fed to pursue this, since we have a private sector system in place up and running and really encouraged by the fed back in the day. a number of constituents expressed the conce

he wants to add to the volcker rule. he says banks should be under more string again stress tests. to be able to be a sore more losses hold on more money. not lending out as much. he wants fannie and freddie handling all the mortgage industry. he wants to expand the consumer financial protect bureau not just pay day loans but auto loans and credit bureaus. he wants to create a doj unit to go after corporate corruption. bloomberg plans to add a 1% financial stance action tax, to address what he calls wealth inequality. as bloomberg spends more on ads himself, rising in the national polls more on what he says is being used against him. listen what he said in 2011. >> there is enormous coheart of black and latino males, say 16 to 25, that don't have jobs, don't have any prospects, don't know how to find jobs, don't know that, what their skillsets are, don't know how to behave in the workplace. reporter: bloomberg also saying that farmers don't have the gray matter to be able to handle other jobs and that farming is quite easy. bloomberg trying to grab headlines today to avoid what he

president of france and he's being interviewed by the chairman of the company conference mr president mr volcker for those of you who don't speak french. you might be well advised to have your headphones around because i would imagine that. we'll probably tend to use the french language. and so be prepared for that. also. i want to say that i am particularly grateful to president. for having agreed to the kind of format that i like that my team likes and that i know all of you like because he's now in not giving one of his major speeches he's just given one that. just a week ago he's given many many important speeches over the last 3 years but today he has agreed to just discuss issues and take your questions so let's give him were round of applause and they will start to a. i'll so i'll i'll try to do this in in english and the president will respond in french or english or german i don't know. so. yesterday in this hall. fine but this time my rescinded a and important speech. a very very pro european speech europe as the destiny for germany strong. commitment to europe so you have made importa

disappointed in the fed's efforts to deregulate mega banks most recently by proposing the roll back the volcker rule. the dodd-frank act made our financial system safer, but it depends on agencies like the fed to potentially use the tools available to monitor and mitigate threats to our economy. the committee is carefully monitoring the developments in the repo market and the fed's response. the feds should not arbitrarily reduce liquidity requirements in response to the repo market, disruption, as some on wall street have asked for. instead, the fed should make appropriate adjustments to promote a well functioned repo market while ensuring we have strong capital rules that can't be gamed three window dressing. a practice where banks alter their balance sheet to appear less risky and reduce their capital levels. in addition, the riskiness of various financial assets is increasing as climate change poses a more serious risk to our economy. the fed and other regulators should utilize financial stability tools under dodd-frank such as incorporating climate related losses into supervisory stress te