Brainard Backs Climate Guidance for Banks, Going Beyond Quarles
- Topic is key for progressives seeking change in Fed leadership
- Quarles’ term as Fed vice chair for supervision ends Oct. 13
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Federal Reserve Governor Lael Brainard favors banks conducting analysis of how they could be at risk to climate change, while acknowledging it will be a complex task.
“It will be helpful to move ahead with the first generation of climate scenario analysis to identify risks and potential issues and to inform subsequent refinements to our models and data,” she said in a virtual speech Thursday to a Boston Fed conference on stress tests.