21
May
2019
Why Does Jay Powell Ignore Climate Risk?
Categories: Climate Change, Financial Services
What US regulators think about the risks of climate change is a lingering puzzle. Fed Chairman Jerome Powell recently offered his perspective in a brief letter, his first public comments on the matter. It was a gem of misdirection and avoidance.
The first thing that is notable about Mr. Powell’s letter is
how it strains even to use the term “climate change.” It appears only twice,
once in each of the first two paragraphs. After that, he adopts the term
“severe weather events,” which not only has the advantage o...
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