Fed's Powell: Climate change real, but not focus of Fed's mission

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March 6, 2024 11:38 AM EST

FILE PHOTO: Federal Reserve Chair Jerome Powell holds a press conference following the release of the Fed's interest rate policy decision at the Federal Reserve in Washington, U.S., January 31, 2024. REUTERS/Evelyn Hockstein/File Photo

By Michael S. Derby

NEW YORK (Reuters) - Federal Reserve Chairman Jerome Powell said Wednesday that he still doesn't see the central bank as the appropriate part of the government to take a leading role in dealing with climate-change threats.

“I certainly believe climate change is real and poses risks over the long term," Powell told the House Financial Services Committee. But he reiterated that he believes these issues are best dealt with by elected officials, saying "we are not climate change policy makers.”

“We believe that we need to do our job that you’ve assigned to us, which is maximum employment and price stability," and using monetary policy to tackle this issue wouldn't have much impact.

(Reporting by Michael S. Derby)


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