Yellen, Powell Defend Push To Keep Tabs On Climate Risks

By Jon Hill (March 23, 2021, 9:24 PM EDT) -- The heads of the U.S. Treasury Department and Federal Reserve told House lawmakers on Tuesday that federal regulators need to understand the financial stability implications of climate change but aren't looking to police banks' lending decisions based on it.

Testifying at a House Financial Services Committee hearing, Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell pushed back on Republican concerns that an emerging focus on climate change as a bank oversight issue could usher in a wave of environmentally motivated government interference in the financial system.

Yellen, who pledged to create a "climate hub" within Treasury and has backed the...

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