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Powell, Prodded on Climate Risk, Points to New Central Bank Role

March 8, 2019, 2:32 PM

Two days in a row last week, Jerome Powell was asked in Congress how the Federal Reserve assesses the economic risks of climate change—to property-owners in coastal communities, for example, or utilities like the bankrupt PG&E Corp.

The Fed chair said it was a “fair question” and promised to look into it. His peers around the world are facing similar demands. Some of them have already begun to take action, as central banks seek a role in what scientists warn is a looming climate crisis.

The Bank of England announced in December that it’s making plans to include the impact ...

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