Official Says Fed Readying ‘Scenario Testing,’ But Avoids Climate Policy

October 22, 2021
The president of the Federal Reserve’s regional branch in San Francisco is renewing claims that the central bank’s role is not to develop policies that mitigate climate change but rather to help prepare the financial system for potentially drastic shocks tied to climate. “[W]e do not have any of the levers that the fiscal agents in our economy have to mitigate climate change,” said Mary Daly, who has served as San Francisco Fed president since 2018, during an Oct. 22...

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