The Federal Reserve has only a limited role to play in combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to energy companies.
The primary objective of financial regulatory authorities generally is to maintain the safety and soundness of banks and the financial system. How, then, do regulators incorporate climate change risks into their work?
Companies would be required to disclose the greenhouse gas emissions they produce and how climate risk affects their business under new rules proposed Monday by the Securities and Exchange Commission as part of a drive across the government to address climate change.
The cost of homeowners insurance is on the rise, and not just because property values went up – almost 20 percent across the board – during last year’s homebuying frenzy.
President Joe Biden announced the nomination of Sarah Bloom Raskin, a former Fed and Treasury official, for the Federal Reserve Board’s top regulatory slot on Friday in a move that could lead to climate concerns being incorporated into bank regulation.
This summer’s extreme weather – like heat waves and the tropical storm that nearly hit the area last week – are reminding Massachusetts’ banks and credit unions about the risks New England faces as climate change accelerates.
