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Fed’s Brainard Says Banks Likely to Need Direction From Regulators on Managing Climate Risks

‘Climate change could have profound consequences’ on economic activity, says Fed governor

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A top Federal Reserve official said financial regulators should direct the nation’s biggest banks to take new steps to manage climate-related risks as part of a broader effort to monitor potential hazards posed to the financial system.

Fed governor Lael Brainard detailed how the central bank is preparing to beef up its assessment of growing threats from climate-related events, including natural disasters and wildfires, which could deliver unexpected shocks to the economy and markets.

 

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