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PRIORITIES? Biden Has the Fed Fighting Climate Change not Inflation

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FOMC Chairman Powell answers a reporter’s question at the press conference.

Despite some positive data, Americans are edgy about the economy. Consumer sentiment has recently been plumbing the depths it last saw during the Great Recession. Many Americans are concerned about the Federal Reserve’s performance, both past and present, and its effects. Not to worry, though, the Fed’s efforts are focused squarely on… climate change?

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Yes, climate change. Yesterday, the Federal Reserve released its long-awaited principles for climate-related financial risk management for large financial institutions. The Fed’s Board of Governors, in conjunction with the FDIC and the Comptroller of the Currency, released this press statement:

Federal bank regulatory agencies today jointly finalized principles that provide a high-level framework for the safe and sound management of exposures to climate-related financial risks for large financial institutions.

The principles are consistent with the risk management framework described in the agencies’ existing rules and guidance. The principles are intended for the largest financial institutions, those with $100 billion or more in total assets, and address physical and transition risks associated with climate change.

The principles are intended to support efforts by the largest financial institutions to focus on key aspects of climate-related financial risk management. General climate-related financial risk management principles are provided with respect to a financial institution’s governance; policies, procedures, and limits; strategic planning; risk management; data, risk measurement, and reporting; and scenario analysis. Additionally, the principles describe how climate-related financial risks can be addressed in the management of traditional risk areas, including credit, market, liquidity, operational, and legal risks.

Action Line: The radical left has been pushing to get the Federal Reserve involved in climate change for years. Joe Biden’s administration made it a priority for the central bank, despite the Fed’s stated mission to keep inflation low, employment high, and interest rates reasonable. What does any of that have to do with climate change? Don’t take your eye off what’s important. Click here to subscribe to my free monthly Survive & Thrive letter. Make it a priority.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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