Skip to main content

Fed Considers Joining Green Central Bank Group

Phil Hall
Jan 30, 2020
Photo credit: Getty Images/ipopba

The Federal Reserve is considering membership in a new group of central banks focused on combating climate change and focusing on its threat to global economies.
 
According to a Bloomberg report, Fed Chairman Jerome Powell said officials from the central bank have attended meetings of the Network for Greening the Financial System, which consist of approximately 50 central banks and other institutions. During a press conference yesterday to comment on the latest Federal Open Market Committee meeting, Powell acknowledged the Fed might join “at some point.”
 
“Is there a system-wide financial stability risk?” he said. “Over the longer term, it’s certainly possible and I would say that feeds into the way we’re thinking about climate change as an institution … The public has every right to expect, and will expect, that we will assure that the financial system is resilient and robust against the risks of climate change.”
 
In November, the Fed signaled the possibility that climate change risk might be integrated into determining the state of financial stability and future monetary policy decisions.
 
“To fulfill our core responsibilities, it will be important for the Federal Reserve to study the implications of climate change for the economy and the financial system and to adapt our work accordingly,” said Fed Governor Lael Brainard, adding that the Fed will "need to consider how to keep banks and the financial system safe from climate-induced risks including extreme weather, higher temperatures and rising sea levels."

 
Published
Jan 30, 2020
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021
FormFree Taps Amazon Web Services For Consumer Financial Identity Solutions

FormFree will use Amazon's blockchain technology to manage its latest consumer Financial DNA solution and its newly introduced FormFree Exchange.

Tech
Oct 19, 2021
Synergy One Lending Increases Its Capital By $50M

San Diego-based Synergy One Lending Inc. completed a $50 million corporate note financing with a consortium of institutional investors.

Industry News
Oct 19, 2021
TransUnion Sees Untapped Growth Opportunity For The Mortgage Industry

A study conducted by TransUnion, which explores the creditworthiness of low-to-moderate income consumers, revealed that the segment represents a $300 billion growth opportunity for the mortgage industry.

Analysis and Data
Oct 19, 2021