Fed Governor Waller doubts need for climate-change tests on banks


Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022.

Al Drago | Bloomberg | Getty Images

Federal Reserve Governor Christopher Waller on Thursday cast doubt on the need for special focus on how banks are preparing for climate change risks.

While acknowledging the risks that climate change poses, he said catastrophic events like hurricanes and floods don’t generally reverberate across the U.S. economy. Thus, he said that conducting special tests for how banks are preparing for such events probably shouldn’t fall under the Fed’s purview.

“I don’t see a need for special treatment for climate-related risks in our…


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