Fed Steps Into Climate Politics With Plan to Analyze Bank Risks

Also, Senate Republicans' push bill to encourage Crypto and PE in 401(k)s; SEC fines Deloitte's Chinese affiliate for letting clients do their own audit work

It’s not a stress test. But is it? And what will the consequences be? Those are the key questions being raised in banking reg circles after the Fed announced today that six of the country’s biggest lenders will participate in a “pilot climate scenario exercise.”

The program will begin in early 2023 and take place over the course of the year, according to…