The Biden administration has pledged to make the climate crisis a top-tier issue, authorizing a “whole of government” to take on climate change. That would mean the responsibility to legislate environmental action wouldn’t be left up only to the Environmental Protection Agency and the Department of Energy, but would extend to all agencies, including financial regulators.

Already, over the past few weeks, Biden’s Security and Exchange Commission (SEC) announced that it will update its guidelines on how climate risks should be disclosed to investors, and launched a task force to focus on climate-related compliance and misconduct. The SEC has also refused to help ExxonMobil block a shareholder vote on a climate change resolution. (Although the commission did just let the company reject a shareholder proposal to force the operation to disclose what it plans to do with its untapped fossil fuel assets.)

This week, the Securities and Exchange Commission sided with ExxonMobil in rejecting a shareholder proposal to require the company to report how it plans to deal with “stranded assets” — untapped fossil fuels that the company is counting as assets but may never be drilled, meaning they will turn into liabilities.