Fed To Launch Pilot Climate Scenario Analysis Program For Largest Banks

A top Federal Reserve official is detailing plans to launch a pilot program to conduct scenario analyses as a way to gain insight into large banks and other institutions’ climate-related financial risks, offering the first major public step from the central bank on climate after months of relative inactivity. Michael Barr, the Fed’s vice chair for supervision who acts as the central bank’s regulatory point person, included the pilot program as part of his oversight priorities during a Sept. 7...