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Fed's Daly : Fed Cannot Ignore What Climate Change Is Doing to Economy

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11/08/2019 | 12:03pm EST

By Michael S. Derby

Two regional Fed officials on the frontline of climate change's impact on the U.S. say it is a subject the central bank needs to take to the heart of its policy-making deliberations.

"Climate change is an economic issue we can't afford to ignore," Federal Reserve Bank of San Francisco President Mary Daly said in the text of a speech Friday. She was slated to speak at the start of a conference at her bank on climate change, in a first-ever event for the central bank.

"Early research suggests that increased warming has already started to reduce average output growth in the United States. And future growth may be curtailed even further as temperatures rise," Ms. Daly said. "There's little doubt that we need to recognize, examine, and prepare for these risks in order to fulfill our core responsibilities," she said.

Atlanta Fed leader Rapahael Bostic, who spoke with reporters Thursday evening, agreed that addressing climate-change issues is a core responsibility for the central bank now.

The Fed is legally charged with promoting stable prices and maximum sustainable job growth. It is also a key regulator of banks. For some observers, that suggests that the central bank has no real role to play in dealing with the effects of a warming environment that has and is predicted to produce more severe weather events.

But this year, central bankers have started to push back against that. Fed Chairman Jerome Powell has acknowledged that the Fed is working to make sure banks it regulates are ready to withstand the impact of severe weather events driven by climate change.

The costs to the economy and financial system are real already. On Thursday, a top bank regulator at the New York Fed said the U.S. has faced more than a half trillion dollars in losses to climate and weather events.

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