The Federal Reserve is preparing the American financial system to withstand climate change, Chair Jerome Powell tells Democratic Sen. Brian Schatz
May 07, 2019 at 15:35 PM EDT
Powell wrote that the Federal Reserve viewed climate risks through the lens of potential "shocks to the system" in the form of severe weather events, rather than as a systemic vulnerability. Powell had previously compared climate change to the risks posed by the potential failure of information technology.