While the overall U.S. response to climate change is up to elected officials, Fe...
SAN FRANCISCO - While the overall U.S. response to climate change is up to elected officials, Federal Reserve Chair Jerome Powell said on Wednesday, the Fed can play a part in keeping global warming from destabilizing U.S. banks and financial markets.
Asked why the Fed has not joined dozens of other global central banks in the Network for Greening the Financial System, an international effort to better understand risks from rising temperatures, Powell signaled it is just a matter of time. While regulators in Europe, led by outgoing Bank of England chief Mark Carney, have begun to take such risks into account in their supervision of markets and banks, U.S. President Donald Trump earlier this month dismissed those worried by climate change as “perennial prophets of doom.”
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