US regulators issue new climate guidance, despite opposition

Governors Waller and Bowman voice strong disapproval

Michelle Bowman sworn in
Federal Reserve governor Michelle Bowman
Federal Reserve

The three main US banking regulators have issued guidance on managing climate risk, exposing a split between Federal Reserve governors down ideological lines.

The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) issued the final guidance on October 24. The guidance is intended for banks with $100 billion or greater in total assets.

The Federal Reserve Board voted 5–2 to approve the guidance, with governors Michelle

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