A top administration official is openly defying Trump-- and Trump can't fire him
in an interview Monday that the financial risks from climate change are akin to those posed by the mortgage meltdown that caused the 2008 financial crisis. “If climate change causes more volatile frequent and extreme weather events, you’re going to have a scenario where these large providers of financial products—mortgages, home insurance, pensions—cannot shift risk away from their portfolios,” Behnam said.
If you’re wondering how it came to pass that Trump appointed a guy who actually believes climate change is real, well, he didn’t exactly have a choice. Behnam’s seat, by law, had to be filled by a Democrat; legal experts toldthat it would be difficult, but not impossible, for Trump to fire or even demote Behnam. “I have a unique bully pulpit,” said Behnam.
On Wednesday, Mr. Behnam plans to detail the formation of a panel of experts at the trading commission assigned to produce a report on how global warming could affect the financial sector, potentially impacting food costs, insurance markets, the mortgage industry and other economic pillars. Because the report, expected late this year or early next, would be a product of the federal government, it would most likely put Mr. Behnam in direct conflict with the policies of the Trump administration. The report, which Mr. Behnam said he expected would focus in particular on potential harm to the nation’s agriculture sector, is likely to emerge at a moment when Mr. Trump will be making the case to farm states, which have already been hurt by his crop tariffs, to reelect him in 2020.
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