‘Taking on new goals, however worthy, without a clear statutory mandate would undermine the case for our independence,’ Fed Chair Jerome Powell said on Tuesday
The Federal Reserve’s independence from political influence is central to its ability to battle inflation, but requires it stay out of issues like climate change that are beyond its congressionally-established mandate, Fed Chair Jerome Powell said on Tuesday.
But “we should ‘stick to our knitting’ and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities,” Powell said. “Taking on new goals, however worthy, without a clear statutory mandate would undermine the case for our independence.” Though Powell said the Fed’s bank regulatory powers give it a role to ensure financial institutions understand the potential risks they face from climate change, “without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals. We are not, and will not be, a ‘climate policy maker.
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