Dallas Federal Reserve President Robert Kaplan faced more questions on one parti...
CORPUS CHRISTI, Texas/ WASHINGTON - Dallas Federal Reserve President Robert Kaplan faced more questions on one particular topic than any other at a recent lunch with local business owners and community leaders on Texas’s Gulf Coast.
It’s not just Texas. After devastating fires in Northern California and corrosive storms on the Carolina and Florida coasts, the Fed’s regional banks are delving deeper into how the earth’s warming will impact U.S. businesses, consumers and the country’s $17 trillion asset banking system. That independence gives the Fed great weight in local communities, even as climate change remains a politically-charged issue in some parts of the country. “There is a lot of information and statements being thrown around” about climate change, Elizabeth Chu Richter, an architect who moderated the Corpus Christi lunch last month. But “the Fed is objective; they work off the data they collect.
“We’ve been facing severe weather-related events over the past two, three years, so I think our businesses are a little bit concerned about the potential costs of these disruptions and say they want to learn more about this,” said Sylvain Leduc, the San Francisco Fed’s chief of research. In January, the four living former Fed chiefs signed a letter endorsing a carbon tax, which would increase the cost of polluting fossil fuels, saying global climate change was “a serious problem calling for immediate national action.”
Most of the G20 central banks, including the European Central Bank and People’s Bank of China, have signed up to the Network for Greening the Financial System, an information-sharing group. The International Monetary Fund, whose majority shareholder is the United States, also joined last week.
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