On October 21, 2021, the Financial Stability Oversight Council (“FSOC”) approved (with FDIC Chairman Jelena McWilliams abstaining) and issued a report entitled “Report on Climate-Related Risk.” In the report, FSOC identifies climate change as an “emerging threat to the financial stability of the United States,” reviews existing actions by FSOC members to incorporate climate-related financial risks into their regulatory and supervisory activities, analyzes the impediments to assessing and addressing climate-related financial risks, and discusses the use of scenario analysis for climate-related financial stability assessments.