Fed sets up panels to examine risks that climate change poses to the financial system – News 24-7 Live News 24-7 Live
Fed sets up panels to examine risks that climate change poses to the financial system

Fed sets up panels to examine risks that climate change poses to the financial system

  • The Fed has moved forward on the climate change issue, announcing Tuesday two committees set up to deal with impacts.
  • Federal Reserve Governor Lael Brainard said climate poses “risks to the stability of the broader financial system.”
  • At a House hearing Tuesday, Fed Chairman Jerome Powell said the central bank is “in the very early days” of dealing with the matter.

The Federal Reserve has taken another step forward in efforts to ensure that the financial system is protected against climate risks.

As the central bank turns its attention increasingly toward the matter, the Fed has created a Financial Stability Climate Committee and a Supervision Climate Committee.

The panels will focus on “the potential for complex interactions across the financial system,” Fed Governor Lael Brainard said in remarks Tuesday.

News Source:- CNBC

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