Federal Reserve Governor Lael Brainard said the Fed is developing scenario analysis tools to model big banks' exposure to climate-related financial risks.
Federal Reserve Governor Lael Brainard on Thursday said the Fed is developing scenario analysis tools to model the economic risks of climate change and assess the resilience of the entire financial system.
The move to develop climate scenarios puts the Fed more in line with what other major central banks are doing, including the European Central Bank and the Bank of England. Brainard said the Fed, which oversees the country's largest banks, is developing scenario analysis tools to model the economic risks of climate change and assess the resilience of the entire financial system. She also signaled the Fed will provide supervisory guidance on climate change to help banks mitigate their exposure.
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