Powell says Fed won’t be a ‘climate policymaker’

US central bank has responsibilities regarding climate-related financial risks but using its policy or supervisory tools to promote a greener economy ‘would be inappropriate’US Federal Reserve chair Jerome Powell has played down the central bank's role in promoting a greener economy. Picture: BLOOMBERG

“The Fed does have narrow, but important, responsibilities regarding climate-related financial risks,” Powell said on Tuesday in brief prepared remarks on central bank independence at a forum in Stockholm. “But without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals.

Powell said the Fed’s independence has served the public well, and added that the central bank “must continuously earn” it by achieving its goals and providing transparency to the public and Congress.The comments come as the Fed is facing multiple requests from Congress to be more transparent about the selection of its regional bank presidents, who selected in a process that critics say is opaque and offers little accountability about how the decisions are made.

At the same time, the central bank under Powell has increasingly turned its focus to financial risks presented by climate change, attracting criticism from Republican lawmakers.

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