Fed's Barr says banks must manage climate risk
Tweet
Share
E-mail
FILE PHOTO: Federal Reserve Board Vice Chair for Supervision, Michael Barr, testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., May 18, 2023. REUTERS/Evelyn Hockstein/File Photo
(Reuters) -Federal Reserve Governor Michael Barr on Thursday said the U.S. central bank needs to ensure that banks are measuring and managing climate-related risk as they do other risks.
"I think climate risk is a real risk for us as a society and is likely to be a risk for the financial system unless we pay attention to it now," Barr said in answer to a question at a community development conference at the Cleveland Fed.
"We don't make climate policy. We don't want to make climate policy. But our role is to make sure that the institutions we supervise are operating in a safe and sound way. And that means paying attention to how they're measuring and managing climate-related risks."
(Reporting by Ann Saphir; Editing by Chris Reese)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- India rate panel signals impending hikes, eyes inflation path to gauge timing
- Greater regulatory scrutiny no bar to mining mergers, bosses say
- Target lifts annual forecasts again as Fiddelke's turnaround takes root
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
