Longer-term climate risks do not factor in Fed’s financial stability assessment – Powell

Jerome Powell
Jerome Powell

Climate-related risks currently do not fit into the Federal Reserve’s financial stability assessment framework and the responsibility falls to other government agencies, chairman Jerome Powell says in a letter responding to lawmakers.

Powell does say, however, the central bank is taking steps to improve its understanding of longer-term climate-related risks. 

“The board’s framework provides a systematic way to assess financial stability; however, some potential risks do not fit neatly into

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