Governor Christopher Waller of the Federal Reserve Bank of St. Louis has issued a statement that says the Federal Reserve should not treat climate change separately in its supervision of the financial system.
“Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States,” Waller said in remarks prepared for delivery to an economic conference in Spain.
“Risks are risks … My job is to make sure that the financial system is resilient to a range of risks. AndI believe risks posed by climate change are not sufficiently unique or material to merit special treatment.“
According to Zero Hedge: His comments echo Chair Powell’s more conservative attitude towards The Fed’s responsibility for climate issues than its counterparts in Europe, who previously said that the U.S. central bank was not a climate policymaker and would not steer capital or investment away from the fossil fuel industry, for example.