. @federalreserve Chair Powell to @vtg2: "The public will expect, and has every right to expect, that in our oversight of the #financialsystem we will account for all material risks, and try to protect the economy and the public from those risks, ... (1/4)

... #climatechange is one of those risks. The science and art of incorporating climate change into our thinking about financial regulation is relatively new [...] and we are [...] very actively in the early stages of this, getting up to speed, ... (2/4)

... working with our central bank colleagues and other colleagues around the world, to try to think about how this can be part of our framework. [...] We are active participants [...] in the [ @NGFS_]. We hadn't actually formally joined, but we are there. ... (3/4)

We take it as our obligation to understand these risks and incorporate them into the way we supervise and think about the overall financial system and the economy." (4/4) https://federalreserve.gov/mediacenter/files/FOMCpresconf20201105.pdf #governingfinance #centralbanks #finreg #macropru #monetarypolicy #climaterisks