Chair Powell Addresses Fed’s Stance on Climate Policy
At the Symposium on Central Bank Independence, Federal Reserve Chair Jerome Powell emphasized his stance that climate change is not in the direct purview of the Fed’s responsibilities and will tread lightly when developing bank guidelines related to climate. Chair Powell has been outspoken that while the central bank is monitoring climate-related risks to financial institutions, it ‘should not try to incentivize banks to lend to green projects or discourage them from them from lending to carbon-producing ones.’ Read more.