Fed to launch new committee on climate risk
Brainard says body will focus on systemic dangers and warns hazards are hard to forecast
The Federal Reserve is to create a Financial Stability Climate Committee charged with evaluating and managing climate risks to the financial system. Lael Brainard, a member of the board of governors, announced the new body in a March 23 speech.
The FSCC will work “identify, assess, and address climate-related risks to financial stability”. It will also manage the Fed’s external partnerships on systemic climate issues, working with the Financial Stability Oversight Council (FSOC), its component
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