Posted on 01/10/2023 6:47:01 AM PST by Oldeconomybuyer
WASHINGTON (AP) — The Federal Reserve has only a limited role to play in combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to energy companies.
“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 in prepared remarks to be delivered during a panel discussion in Stockholm hosted by Sweden’s central bank.
“We are not, and will not be, a ‘climate policymaker.’ ”
In his written remarks, Powell stuck to the topic of central bank independence, the subject of the panel, and did not comment on the Fed’s interest rate policies.
Climate activists have pushed central banks, including the Fed, to use their supervisory powers over commercial banks to push for greater consideration of environmental risks in lending.
Natural disasters, made more common by climate change, could impose significant financial losses on banks, which would require more capital held in reserve. Activist groups also argue that lending to oil and gas companies should be seen as risky.
Powell did acknowledge the Fed has “narrow, but important responsibilities” to use its oversight of banks to ensure that they manage the risks of climate change.
(Excerpt) Read more at apnews.com ...
Where’s the tipping point point to be with these arrogant freaks?
The Fed has NO role to play on “climate change”.
The climate activists don’t really believe what all they are pushing. They know that we need the energy companies or they wouldn’t be able to go anywhere to protest or be able to eat. They know we just can’t get rid of oil. It can’t happen because almost everything has some form of petroleum in them or produced by it, from their vehicles (even EVs) to the clothes they wear. And all those electronics they love...well they would have to give those up also. Never happening.
Fraud and shakedowns are the only elements of “Climate Change” man controls.
his words mean nothing, the FED has been breaking the law since the Great Society began. The LAW says they are mandated to “maintain stable prices”, that all changed over 50 years ago when they decided that Stealing 2% of VALUE annually was “maintaining stable prices”
Let’s try no role. While they are at it, drop all the woke BS and submit to an audit. Anyone who is chairman of the Federal Reserve isn’t doing his job if he doesn’t subject the Fed to an audit. It’s the basis for a true understanding of what’s occurring. In other words, Powell is part of the problem, not the problem solver.
No, you have no role whatsoever.
A tactic. Nothing more, nothing less.
Now they want to get rid of gas stoves, they will use health (childhood asthma) as an excuse.
If by narrow he means “slim to none” then ok.
Something being "inappropriate" is not exactly something that usually holds back a Democrat. Think giving M-16s to Mexican drug lords.
DEI/ ESG
Narrow Role = Your Finances
Stop moving paper around. We can do better with a paperless government.
I concur, but I want to punt them like it’s 4th and long!
“The issue is never the issue. The issue is always the revolution.”
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