Cascading effects of climate change increasingly a Fed concern

Lael Brainard

Climate change is already imposing substantial economic costs and is projected to have a profound effect on the economy … and could have important implications for the Federal Reserve in carrying out its responsibilities. The Federal Reserve created a new Supervision Climate Committee to strengthen our capacity to identify and assess financial risks from climate change and to develop an appropriate program to ensure the resilience of our supervised firms to those risks. [Continue]