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The Federal Reserve is preparing the American financial system to withstand climate change

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The Federal Reserve is taking steps to prepare the American financial system for the effects of climate change, according to Chairman Jerome Powell.

But Powell noted that climate-related risks do not fit squarely within the central bank’s existing framework for assessing financial stability.

Schatz asked Powell in a January letter signed by 19 other senators about the risks that climate change posed to American financial institutions, and how the central bank was assessing that risk.

Reported by CNBC

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