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Powell defends Fed's consideration of climate change risks

Washington county Jerome city Powell, county Jerome economy
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WASHINGTON – Federal Reserve Chair Jerome Powell on Wednesday defended the Fed's increasing scrutiny of the threat that climate change could pose to the health of the nation's banks, after some Republican members of Congress had complained that by doing so the Fed was overstepping its mandate.

Over the past year, the Fed has taken steps to incorporate the risks from climate change into its oversight of the financial system.

A key part of the Fed's mandate, in addition to setting short-term interest rates to either stimulate or slow the economy, is regulating banks to guard against excessive risk-taking.

Last year, the central bank joined an international organization of central banks and regulators to coordinate on managing the risks that

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Deaths: 750 423
Recovered: 0
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Deaths: 608 235
Recovered: 0
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United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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