Fed chief Powell: Climate policy is for elected officials

FRANKFURT, Germany (AP) — Federal Reserve Chair Jerome Powell says the U.S. central bank is studying how climate change might affect banks. But the Fed doesn’t see itself as getting involved in how to fight climate change. Powell said the bank has a mandate from Congress to supervise banks and financial stability, so it is gathering data and studying how climate change might affect those topics. But it will be the private sector and elected officials who decide climate policy. Powel made the remarks at an online conference on how the financial sector can take immediate action against climate risks.