Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
Every time monetary policymakers cave to political pressure and let banks sidestep growing risks, they are taking a side.
Fed Chair Jerome Powell can’t remain neutral on the climate.
Photographer: Justin Sullivan/Getty Images
Federal Reserve Chair Jerome Powell often argues the central bank has no business making climate-change policy. But it should be careful it doesn’t make the problem worse.
Bloomberg News reports the Fed is leading US regulators in resisting proposals by the Basel Committee on Banking Supervision to make banks disclose a slew of climate information, from risk-management plans to the carbon emissions of their customers. According to the report, Fed officials have argued the Basel proposals would drag bank regulators into affairs that have nothing to do with finance. It’s the common response of the Fed and its supporters to critics who argue it should play a bigger role in limiting climate change.