Federal Reserve Governor Downplays Climate Change Risk to US Economy

Federal Reserve Board of Governors member Christopher Waller believes that climate change does not pose a serious risk to the safety and soundness of large banks or the financial stability of the United States. He warns that the Fed's focus on climate policy-making could distract from worrying macro trends that are currently menacing the US economy. Waller also cautions against the movement to bring in climate stress testing, which he sees as a backdoor to injecting poisonous ESG principles.