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Senator Brown Makes Pitch for Climate Action by the Fed

  • Expects bipartisan confirmation of Powell in early February
  • Banking chair wants Fed that is both collegial and ‘bold’
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WATCH: Senator Sherrod Brown expects Jay Powell and Lael Brainard to be confirmed.Source: Bloomberg

Senate Banking Chairman Sherrod Brown said the Federal Reserve should act to ensure financial institutions are taking into account climate change risks, as he defended President Joe Biden’s three new picks for the Fed board, including vice chair of supervision nominee Sarah Bloom Raskin.

“Should banks not assess risk? When they make loans to people, for homeowners and businesses in hurricane-prone lowlands on the coast? Of course they should,” the Ohio Democrat said Thursday on Bloomberg Television’s “Balance of Power with David Westin” when asked about potential opposition to Raskin’s views on regulating climate change risks.