In December last year, the Fed proposed principles that would apply to banking organizations with more than $100 billion in total assets and address both the physical risks and transition risks associated with climate change.
Fed Chairman Jerome Powell: The Fed will not steer the banking system to a greener economy with supervisory and monetary policy tools.Climate change should not be treated any differently than other risks to the stability of the U.S. financial system as rising temperatures do not pose"a serious risk to the safety and soundness of large banks or the financial stability of the United States," Fed Governor Christopher Waller says.
At the conference in Spain last week, Waller said,"Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States." The Fed governor said that he believes"the scientific community has rigorously established that our climate is changing."Waller's role is to focus on financial risks, while risks associated with climate change – either physical or transition risks – should not be given any special treatment, the Fed governor noted.
The Fed's principles would apply to banking organizations with more than $100 billion in total assets, address both the physical risks and transition risks associated with climate change, and cover six areas: governance; policies, procedures, and limits; strategic planning; risk management; data, risk measurement and reporting; and scenario analysis., which is distinct and separate from bank stress tests. Under the exercise, the six largest U.S.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden official says border crossings down by half since Covid rule expired\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
Rory Gallagher: Fermanagh GAA 'never got official domestic abuse complaints'.FermanaghGAA says it did not receive any 'official complaints' of domestic abuse about its former senior football manager Rory Gallagher.
Read more »
WoW Classic is getting official 'hardcore' mode serversGiving the people what they want. (They want suffering.)
Read more »
S Club 7's official website reworked to remove '7' after Paul Cattermole's deathS CLUB 7’s official website has been reworked to remove ‘7’ following Paul Cattermole’s death. It comes after a shock exit from the band which was announced by the group today. Jo O’Meara, Ra…
Read more »
Fed faces a long battle to trim inflation to its 2% target\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
No official Notts County celebrations in Market SquareOn Saturday, May 13, Notts County played Chesterfield at the playoffs at Wembley Stadium where the Notts team became victorious
Read more »