“The only purpose of the Federal Reserve's scenario analysis or other measures should be to understand risks that climate might pose to the financial system and to work with financial institutions on measures to manage those risks.”
Barr clarifies the Fed's role in assessing climate-related financial risks.
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More from Michael S. Barr
I personally oppose it quite significantly. I think it is, I would use a technical term, 'dumb,' the way they describe their rule.
Community banks are exempt from this proposal. It only covers the top 37 banks in the country.
I don't agree with that assessment. I think that capital in general is facilitating strong lending to all communities, and having strong capital in the system is critical for doing that.