Fed has ‘important but quite limited’ authority to police climate change risk, says nominee Barr -Breaking
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© Reuters. FILE PHOTO – The Federal Reserve Building is seen in front of the Federal Reserve Board. It is expected that plans are made to increase interest rates in March, as they focus on fighting inflation in Washington (U.S.A.), January 26, 2022. REUTERS/Joshua Roberts/File PhotoWASHINGTON (Reuters] – According to Michael Barr, the nominee for President Biden to be head of regulatory activities at the Federal Reserve, “important but very limited” authority exists to protect financial risks from climate change.
Barr testified before the U.S. Senate that the Fed’s role in climage changes is to assess any risk banks may face and not to tell firms what they should or shouldn’t lend.
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