“Federal Reserve Applies To Join Group Of Banks Managing Climate Risks”

“The Federal Reserve has applied to be part of a group of government banks that collaborate on managing the financial risks from climate change, a top official said Tuesday.

Fed Vice Chairman for Supervision Randal Quarles told the Senate Banking Committee that the central bank has sought membership on the Network for Greening the Financial System (NGFS).

“We have requested membership. I expect that it will be granted,” Quarles said. “I suspect we could probably join before the spring.””

Rachel Frazin reports for The Hill November 11, 2020.

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