The Senate confirms new members of the federal reserve board. These are the people who determine the Fed.'s monetary policy. The Fed. can force our financial systems to take climate change seriously and in doing so can provide financial support for climate action. See about-the-fed/structure-and-functions.
I'm asking if you will commit to only confirming new members to the federal reserve board who have a history of directing monetary policy to address climate change. Examples of excellent candidates include: Sarah Bloom Raskin, and Lisa Cook.
The Federal Reserve's mission is to keep our economy at full employment and protect our financial system. The climate catastrophe we see unfolding around us will ripple through our financial system. See "green swan," I'm happy to google green swan for you. It is core to the Federal Reserve's mission to ensure that our financial institutions are in shape to withstand these shocks. The Fed. should be taking climate related preparatory actions including:
- Ensure banks to treat climate change as a structural risk
- Ensure banks exposed to carbon producing companies are prepared to accept the losses expected in those sectors as the economy moves to zero carbon emissions,
- Force large banks to run climate stress tests.
Attribution: This topic comes pretty directly from listening to Felicia Wong's interview on the Ezra Klein Show on 2021-09-03. These are some of her suggestions from that interview.