Board of Governors of the Federal Reserve System

As I previously said, I cannot support this issuance of guidance on climate change. Climate change is real, but I disagree with the premise that it poses a serious risk to the safety and soundness of large banks and the financial stability of the United States. As I detailed in a speech earlier this year¹, I don't believe the risks posed by climate change are sufficiently unique or material to merit special treatment relative to other risks.

1. Governor Christopher J. Waller, "Climate Change and Financial Stability" (speech at the IE University – Banco de España – Federal Reserve Bank of St. Louis Conference Current Challenges in Economics and Finance, Madrid, Spain, May 11, 2023). Return to text