: / / www. federalreserve. gov / supervisionreg / reghcg. htm. - 7efforts are cra - eligible activities. 14 our community advisory council has urged more research on the effect of climate change on low - to moderate - income communities in order to help inform more effective responses. 15 working with local communities, the federal reserve staff have highlighted the ways in which lower - income households and underserved areas tend to be particularly vulnerable to natural disasters. 16 with low levels of liquid savings to meet emergency expenditures, these households tend to be less resilient to the temporary loss of income, property damage, and health outcomes they face from disasters. 17 in our community development work, we seek to encourage lenders and their local communities to rebuild in ways that will increase their resilience to future risks. advancing our understanding the staff across the federal reserve system are researching a wide range of topics related to climate risks, including how weather and natural disasters affect economic and financial outcomes and the economic implications of climate policies, including for the energy sector. 18 we currently assess the effects of severe weather kevin dancy ( 2018 ), “ weathering the storm : a framework for meeting cra obligations, ” federal reserve bank of dallas, community development publications ( dallas : frb dallas, august ), https : / / www. dallasfed. org / cd / pubs / storm. aspx. community advisory council and board of governors of the federal reserve system ( 2017 ), record of meeting ( washington : board of governors, may 26 ), https : / / www. federalreserve. gov / aboutthefed / files / cac - 20170526. pdf. jesse m. keenan and elizabeth mattiuzzi ( 2019 ), “ climate adaptation investment and the community reinvestment act, ” community development research brief 2019 - 5 ( san francisco : federal reserve bank of san francisco, june ), https : / / www. frbsf. org / community - development / publications / communitydevelopment - research - briefs / 2019 / june / climate - adaptation - investment - and - the - community - reinvestmentact. community advisory council and board of governors of the federal reserve system ( 2019 ), record of meeting ( washington : board of governors, november 1 ), https : / / www. federalreserve. gov / aboutthefed / files / cac - 20191101.

commission ( 2019 ), “ cftc commissioner behnam announces the establishment of the market risk advisory committee ’ s climate - related market risk subcommittee and seeks nominations for membership, ” press release, july 10, https : / / www. cftc. gov / pressroom / pressreleases / 7963 - 19. - 9we also benefit from working with international peers who are taking the lead on understanding the effects of climate - related risks on their financial systems. we are participating in climate - related discussions at the fsb and other standard - setting bodies, and we will continue to support the work of the fsb ’ s tcfd in order to improve standardization of financial disclosures related to climate change. along with other officials with financial stability responsibilities, i have been following the bank of england ’ s plans to assess climate risks to the financial system, including through their exploratory stress - test scenario. and we are in discussions about how we might participate in the central banks and supervisors network for greening the financial system in order to learn from our international colleagues ’ approaches to measuring and managing climate risks in the financial system. we also have a lot to learn from the broader research community about the economic and financial effects of climate change. as we have seen today, researchers are making progress on addressing questions regarding how climate change relates to labor markets, trade policy, and monetary policy. by participating more actively in climaterelated research and practice, the federal reserve can be more effective in supporting a strong economy and a stable financial system.