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Brainard: U.S. "behind" on building climate risk into financial supervision

Published 09/27/2021, 02:04 PM
Updated 09/27/2021, 02:31 PM
© Reuters. Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder

© Reuters. Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder

WASHINGTON (Reuters) - Federal Reserve Governor Lael Brainard said Monday the U.S. had fallen behind its peer central banks in building the risks of climate change into the supervision of banks, highlighting a potentially core priority should she be promoted to vice chair of supervision at the Fed or even to the chair's spot.

"A lot of our largest banks who are internationally active are already being supervised in other jurisdictions to make sure they are measuring, monitoring and managing climate related financial risks," Brainard said in comments at a National Association for Business Economics conference. "The U.S. has been behind and we need to catch up...The nature of climate change is such that...it could pose significant risks both in terms of sudden changes in asset prices but also change the financial system generally."

Latest comments

1 in 500 Americans dead from covid-19.... been to Greenland or Antarctica later ..world wide, glacers are being destroyed at a rate of 1.2 trillion tons per year and the loss is accelerating.
Hi
Factcheck: BS. If anyone is behind in climate change is China, not the US not the EU. Complete propaganda.
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