The U.S. financial system must better prepare for global warming-related shocks, a first-of-its-kind report warns

“Frequent and devastating” economic shocks brought on by climate change threaten to undermine the stability of the U.S. financial system, according to a first-of-its-kind report from a financial regulator. The watershed document was released yesterday by a climate-focused subcommittee within the Commodity Futures Trading Commission, a federal agency that regulates derivatives markets.