EDITOR NOTE: The bad thing about highly-bureaucratized committees is that they’re often too big and too slow. When it comes to programs that hold catastrophic risks--such as moving too quickly on climate change initiatives--the great thing about committees is that they’re too big and too slow. For the sake of Americans who work in and depend on legacy energy, let’s hope this is the case. For the potential missteps in funding new energy technologies that, in their current state, are more costly than legacy technologies, let’s hope the attribute of slowness among large committees comes into play. There’s a difference between rash and rapid movements. Following the IMF’s and WEF’s cue’s, America shouldn't be so hasty to heed their ideological advances. As attractive as it may sound--for sustainable energy will be the future--when it comes to moving too quickly, we should remember that the interests of the US aren’t necessarily shared by either institution. Truth is, they’re looking to take over the global economy. Our decline is their gain
The Federal Reserve is creating a new committee to examine the effects of climate change on banking and the economy. Kevin Stiroh, the New York Fed’s head of supervision, will chair the new body in Washington, DC.
The Supervision Climate Committee will be a “system-wide group bringing together senior staff across the Federal Reserve Board and reserve banks”.
Randal Quarles, Fed vice-chair, said that the committee “will build on our climate change work already underway across the Federal
Read More on Central Banking