Fed Governor Waller dismisses climate change as a serious financial risk.

Federal Reserve Governor Christopher Waller cast doubt on the need for special focus on how banks are preparing for climate change risks, stating that catastrophic events like hurricanes and floods don't generally reverberate across the U.S. economy. He believes that placing an outsized focus on climate-related risks is not needed, and the Federal Reserve should focus on more near-term and material risks in keeping with their mandate. However, the Fed has already directed the nation's six largest banks to show plans for how they would respond to climate-related events.