Climate change poses a major risk to the U.S. financial system, according to a new report by a Commodity Futures Trading Commission subcommittee.

CFTC Commissioner Rostin Behnam says extreme weather events like recent hurricanes, wildfires, and the derecho will likely worsen in the future. He says the report can help policymakers, regulators, and stakeholders build a climate-resilient financial system.

The report says traders dealing in ag commodities must adapt to physical risks by coming up with new ways to value, price, and manage climate risks.

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