Federal Reserve Chair Jerome Powell on Tuesday said it would be inappropriate for his agency to use its powers to further advance climate goals, including facilitating the transition to a green economy.
Powell said the Fed should stick to our knitting and avoid taking on social issues that could undermine its independence.
We are not and we will not be a climate policymaker, Powell told a panel titled Central Bank Independence and the Mandate Evolving Views held in Stockholm.
Powell said fighting climate change requires action that would have far-reaching consequences from individual companies to entire countries and the responsibility for actions on this topic should lie with elected representatives.
He added, though, that the Fed indeed does have narrow, but important, responsibilities regarding climate-related financial risks.
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The public reasonably expects supervisors to require that banks understand, and appropriately manage, their material risks, including the financial risks of climate change, he said.
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