Climate warning
Image of Federal Reserve Board

Federal Reserve Board

Climate warning

US central bank chair: “We are not, and will not be, a ‘climate policymaker’.”

It is deeply concerning that the Federal Reserve, led by Chairman Jay Powell, has declared that they will not take on the role of a "climate policy maker." Powell defended the central bank's independence from political influence in a speech on Tuesday, stating that the Fed should maintain a narrow focus on keeping consumer prices stable, fostering a healthy labor market, and ensuring the safety of the country's banking system, rather than addressing issues outside of its mandate.
This disregard for the pressing issue of climate change is unacceptable, especially considering the catastrophic impact it will have on the economy. The Fed's insistence on maintaining a narrow focus on its statutory goals and authorities is a dangerous and shortsighted approach. The central bank must use its monetary policy and supervisory tools to promote a greener economy and mitigate the financial risks posed by climate change.
Unfortunately, this stance aligns with that of Republican lawmakers, who have accused the Fed of overreaching its mandate by pledging to consider climate-related financial risks. It is a disappointment that instead of seeing the opportunity to play a crucial role in addressing a major global crisis, the Fed chooses to prioritize its own independence over the well-being of future generations.

Read more:
https://on.ft.com/3k166CR

Picture: Jay Powell, US Central Bank chair. Federal Reserve

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  • Rashid Kamau

    78 w

    These are soo disgusting utterances from such a leader.

    4
    • mercy nduta

      78 w

      Leaders who don't understand and value the climate, its a big shame.

      2
      • Marine Stephan

        78 w

        This simply doesn't make sense... Climate change needs to be included because it will (and already has) a major impact on the banking and financing systems

        3
        • We Don't Have Time

          78 w

          Dear Ingmar Rentzhog Thank you for getting your climate warning to level 2! We have reached out to Federal Reserve Board and asked for a response. I will keep you updated on any progress! /Adam We Don't Have Time

          2
          • Anon.org

            78 w

            #Bank 🌐 #UnINSUR(E)able ➡️ #Change

            2
            • Videlis Eddie

              78 w

              Bad leadership.....shame on them

              3
              • Professor Aniebiet Inyang Ntui

                78 w

                Shame. Shame. Shame.

                2
                • Edwin wangombe

                  78 w

                  Shame, shame on them..this is a display of bad leadership

                  6
                  • Elizabeth Gathigia

                    78 w

                    Its so sad to hear such remarks from world leaders

                    2
                    • George Kariuki

                      78 w

                      This disregard for the pressing issue of climate change is unacceptable as it poses a significant risk to the economy and the well-being of future generations. If the central bank does not use its monetary policy and supervisory tools to promote a greener economy and mitigate the financial risks posed by climate change, it will fail to address one of the most critical global challenges of our time and may lead to severe consequences in the long term. Ignoring the issue of climate change and its impact on the economy could be detrimental and the Fed must consider the risks and opportunities in their approach. This is not the way to go.

                      4
                      • Peter Karanga

                        78 w

                        If they don't take the responsibility then climate change will make then regret the ignorance.

                        8
                        • Peter Kamau

                          78 w

                          @peter_karanga Indeed choices have consequences and theirs will definitely be grievous.

                          3
                        • Tabitha Kimani

                          78 w

                          This is worrying especially when it comes from US leaders.

                          4
                          • Kevin Waweru

                            78 w

                            Quite unfortunate remarks coming from the leader of such a robust financial institution.

                            3
                            • Gorffly mokua

                              78 w

                              This is worrying ,when we hear such utterances from world leaders .....

                              5
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