Powell Acknowledges Key Fed Official May Float Stronger Climate Policies

Federal Reserve Chairman Jerome Powell is reiterating his intent to “respect the authority” of a forthcoming Biden administration nominee to serve as the central bank’s vice chair for supervision, as environmental groups and progressive lawmakers argue that official could be central in bolstering climate-related actions by the central bank. Powell’s exchange with Sen. Elizabeth Warren (D-MA) during a Nov. 30 Senate banking committee hearing is underscoring the importance of the role that Fed’s new vice chair for supervision will play...