Climate change, the rapid growth of “stablecoins” and financial innovations that led to frenzied trading of GameStop Corp shares early this year are threats to the U.S. financial system that merit closer scrutiny, a Treasury Department-led regulatory panel said on Friday.
In its annual report, the Financial Stability Oversight Council (FSOC) added that while the U.S. economy has improved since the onset of the COVID-19 pandemic, risks to the financial system are higher than prior to the health crisis, with the outlook for global growth still uncertain.
