Thread by @Guay_JG

This is big. @ewarren is the first candidate with a climate plan invoking Dodd-Frank - possibly the most powerful climate legislation ever passed - to rein in fossil fuel finance. Let’s explore the bold, beautiful details of her latest, greatest plan 🧵 medium.com/@teamwarren/st…

@ewarren (1/n) First did you know she already had 13 climate plans? 13! But we needed one more because financial institutions can't freely underwrite fossil fuels, or self regulate. We need real regs if we're going to solve this. Who better to write them than the creator of CFPB?

@ewarren (2/n) Why Dodd-Frank? Because climate is a systemic risk that threatens the financial system as a whole. That unlocks the Dodd-Frank powers of financial regulation for the next administration. Best part - it’s climate legislation that has already passed rooseveltinstitute.org/how-dodd-frank…

@ewarren (3/n) Dodd-Frank tools can be expansive. If Warren designates institutions as “systemically important” (SIFI) they’re in for everything from disclosure, to stress testing to increased capital requirements. Hell, even outright caps & divestment vox.com/energy-and-env…

@ewarren (4/n) Speaking of divestment Warren calls for public pensions to divest to protect workers from transition risk. It's about time we stopped burning retirement savings in the fossil fuel dumpster fire. Don’t forget US Thrift is the largest defined contribution plan in the world

@ewarren (5/n) But it’s not just pension divestment Warren is after. She’d redefine fiduciary duty by pushing the SEC and DOL to declare carbon-intensive investments inconsistent w/ fiduciary duty. A major reversal from the trump era w/systemic impacts bakermckenzie.com/en/insight/pub…

@ewarren (6/n) Warren also has insurers in her sights. She'd force disclosure of fossil fuel premiums and investigate & potentially limit insurance for new fossil expansion when homeowners impacted by climate are simultaneously being denied coverage truthdig.com/articles/insur…

@ewarren (7/n) Warren also understands international cooperation is vital. That’s why she’ll advocate to join the @NGFS_ to coordinate with a growing network of central bank allies. Remember the federal reserve is a key actor unleashed by Dodd-Frank to deal with the climate crisis

@ewarren @NGFS_ (8/n) To make all this happen she understands personnel are policy. There’s an alphabet soup of arcane financial regulators you’ve never heard of. She’ll staff everyone from Treasury to FDIC w/ climate hawks because details matter. This is maybe my favorite part

@ewarren @NGFS_ (9/n) All in all, this plan is groundbreaking. It recognizes finance policy is climate policy. It's the 1st time a major candidate has proposed using Dodd-Frank for climate. Most telling: campaign cranked it out the weekend before Super Tuesday. That’s the @jayinslee in them 🙌