The FED is back working on its far-left climate change program rather than focusing on the economy.
We reported a few months ago that the FED was beginning to work on a climate change initiative:
They are back at it again. The Washington Examiner reports today:
The Federal Reserve has created a new climate committee to address the risks climate change poses to financial stability.
The new effort, called the Financial Stability Climate Committee, will draw from expertise across the Federal Reserve system and is intended to tackle risks to the broader financial system, said Lael Brainard, a member of the Federal Reserve’s board of governors. She announced the new committee during remarks Tuesday at a virtual conference hosted by the sustainable investment group Ceres.
The committee comes in addition to the Fed’s creation of a separate climate initiative earlier this year, the Supervision Climate Committee, that is focusing more closely on ensuring individual financial firms that the Fed oversees are prepared for climate-related risks.
The new committee will be focused on not just assessing potential climate shocks “but also whether climate change might make the financial system more vulnerable in ways that could amplify these shocks and cause broader knock-on effects that could harm households, businesses, and communities,” Brainard said.
But it’s difficult to see how the FED’s reactions to unverified man-made climate change comply with its purpose:
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve:
• conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
• promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
• promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
• fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
• promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
Where does the FED claim that they are supposed to attempt to stop man-made unverified climate change?