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