I think that we have a mandate to ensure the safety and soundness of financial institutions, and that involves making sure that they manage and understand all of the risks that they face, which includes climate change risks.
Powell affirms the Fed's responsibility to address climate change risks.
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If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.
I have a little more than 10 months left on my term as chair, and all I want, and all anyone at the Fed wants, is to deliver an economy that has price stability, maximum employment, financial stability.
It is a big risk to our independence if we were to stray into areas where we shouldn’t that really aren’t part of our mandate.
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