What the Fed District Reserve Banks Should Do About Climate
To be sure, the Federal Reserve has a lot on the front burner right now — from controlling high inflation to staving off an economic recession. But one issue, and it’s in line with the Fed’s core mission, should move up in priority. The issue is accounting for, helping to manage and safeguarding the economy from the growing risks posed to the financial system from climate change.
We’re releasing a new report that asserts that The Federal Reserve, and its 12 regional District Banks — tasked with safeguarding the overall financial system and individual financial institutions — must incorporate climate change economic risk into their oversight duties. In the report,, we set forth specific recommendations for steps the Fed — and particularly the District Banks — can take to integrate climate consideration.
When most people hear about the Fed — shorthand for the Federal Reserve System — they think of the chair or perhaps the Board of Governors. But the Fed System also includes 12 District Federal Reserve Banks, whose districts taken together cover the entire US. The District Banks supervise and examine banks within their districts and make loans to them, provide data and research to the Board of Governors, and are an important part of the local communities they serve.
Climate change is increasing global temperatures, altering weather patterns, and increasing the frequency and intensity of natural disaster events. Climate scientists are telling us it is likely to get worse. In the coming years and decades, we are likely to see worsening hurricanes, droughts, and wildfires, as well as declines in fossil fuel businesses as we transition to a low carbon economy.
In addition to the direct human harm, climate change will threaten our economy — both individual companies and the financial system as a whole. Averting — or at least, minimizing — this threat is squarely within the Fed’s and the District Banks’ job description.
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