The Federal Reserve’s top banking regulator revealed on Wednesday that the central bank will begin conducting a climate risk analysis for major Wall Street banks next year.
Michael Barr, the Fed's vice president of supervision, disclosed the plans in a speech at the Brookings Institution in Washington, D.C., as his first public comments since winning confirmation in a bipartisan vote in July.
While offering little in the way of details, Barr said the “pilot micro-prudential scenario analysis exercise” would be conducted to “better assess the long-term climate-related financial risks facing the largest institutions.”A priority for Democrats has been to better track the effect that financial firms have on the environment and that climate change has on financial firms.
“I think the Federal Reserve is not able to allocate credit [and] should not be in the business of telling financial institutions to lend to a particular sector or not to lend to a particular sector,” he testified earlier this year.
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