"'Enormously Big Deal': Fed Creates Climate Committee"

"The Federal Reserve announced yesterday the creation of a first-of-its-kind committee — chaired by a senior-level official — to deepen the central bank's understanding of the risks that climate change poses to the financial system.

Kevin Stiroh, who currently leads the New York Fed's supervisory work, has been tapped for the job, which will entail tackling global warming alongside senior staff throughout the central banking system. That includes the Federal Reserve Board and the Fed's 12 reserve banks across the country.

The mission of the so-called Supervision Climate Committee will be to assess the implications of climate change for the financial system — including firms, infrastructure and markets in general."

Avery Ellfeldt reports for E&E News January 26, 2021.