Washington D.C. — United States Federal Reserve Governor Lael Brainard said the central bank is developing climate stress tests to determine big bank’s exposure to climate-related financial risks. Brainard also recommended the Federal Reserve provide guidance to encourage banks to curb their exposures.
350.org Head of Finance Campaigns Brett Fleishman said in response:
“The leadership is there, ready to go. Between Lael Brainard, Lisa Cook, and Sarah Bloom Raskin, President Biden has the team to do the job. Managing climate risk is arguably the most important thing facing the Federal Reserve. Powell’s time is up: under his watch the Fed has bankrolled fossil fuels to the tune of over US$828 million. All Biden has to do now is ask Fed Chair Powell to step aside.”