The Federal Reserve stands ready to respond to climate-change related weather disruptions to the economy and is working to ensure banks’ resilience from unexpected shocks tied to a warming global environment, Fed Chairman Jerome Powell told Congress in an April letter. “Although addressing climate change is a responsibility that Congress has entrusted to other agencies, the Federal Reserve does use its authorities and tools to prepare financial institutions for severe weather events,” Mr. Powell wrote in a letter to Sen. Brian...

Source: Wall Street Journal May 07, 2019 16:48 UTC