Congress: House Republicans warn Fed on climate moves

Nearly 50 House Republicans are warning the Federal Reserve against introducing climate signals into regulated banking, urging Fed Chairman Jerome Powell and Vice Chairman Randal Quarles “not to entertain implementation of such scenarios without due consideration of the methodological shortcomings and challenges.” The letter raises “concerns about the Federal Reserve Board potentially introducing climate change scenarios into its supervisory stress test of regulated banks,” says a Dec. 9 letter from the lawmakers, who also warn about “the potential downstream impacts...