The Dodd-Frank Act will give the Biden administration the power to supercharge the clean energy transition.
Justin Guay is director for global climate strategy at the Sunrise Project.
The Dodd-Frank Act provides authority for the incoming Biden administration to set strong financial limits on fossil fuel investments, experts say.
On the heels of a historic election that saw Joe Biden use climate as the single biggest motivator to turn out the youth vote in record numbers, expectations for action are high. But with the fate of the Senate's partisan makeup still up in the air, what can President-elect Biden do to advance his climate mandate if an obstructionist Senate stands in his way?
As it turns out, one of the most powerful pieces of climate change legislation the Biden administration will need has already been passed: the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This legislation, known for creating the Consumer Financial Protection Bureau and other public safeguards against financial wrongdoing, also empowers key agencies including the Treasury Department, the Federal Reserve and the Securities and Exchange Commission to limit systemic risks to financial stability.
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