{"id":1664327,"date":"2022-09-29T11:08:05","date_gmt":"2022-09-29T15:08:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1664327"},"modified":"2022-09-29T11:08:33","modified_gmt":"2022-09-29T15:08:33","slug":"fed-to-kick-off-climate-scenario-analysis-in-2023-with-six-large-banks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-to-kick-off-climate-scenario-analysis-in-2023-with-six-large-banks\/","title":{"rendered":"Fed to kick off climate scenario analysis in 2023 with six large banks"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffed-to-kick-off-climate-scenario-analysis-in-2023-with-six-large-banks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1664327&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Pete Schroeder<\/p>\n<p>WASHINGTON (Reuters) \u2013     The Federal Reserve announced Thursday that six of the nation\u2019s largest banks would participate in a pilot climate scenario analysis exercise in 2023.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will undergo the exercise, which the Fed said will not have capital or supervisory consequences. The Fed plans to publish aggregate findings from the exercise but no firm-specific information.<\/p>\n<p>The exercise, which had been expected, will kick off the Fed\u2019s efforts to gauge the level and management of risks for banks when it comes to climate change, after European regulators  already mounted similar efforts. <\/p>\n<p>The potential effects of climate change \u2013 namely through rising sea levels, worsening floods and fires, and government policies transitioning away from carbon-heavy industry \u2013 could destroy trillions of dollars of assets around the globe. <\/p>\n<p>In its announcement, the Fed emphasized the pilot exercise will be strictly for information-gathering purposes, calling it \u201cexploratory in nature.\u201d The central bank specifically distinguished the upcoming exercise from its annual \u201cstress tests\u201d of bank finances, in which the Fed tests large banks\u2019 strength against hypothetical recessions and the results directly inform how much capital each firm must hold.<\/p>\n<p>Fed Vice Chair for Supervision Michael Barr said earlier this month the central bank has an \u201cimportant, but narrow\u201d mandate to police climate risks for banks.<\/p>\n<p>The Fed will provide \u201cclimate scenario narratives,\u201d which banks will use to analyze the impact on their portfolios and business strategies. The Fed will then review those findings with the firms to help them build up their ability to manage climate-related risks.<\/p>\n<p> (Reporting by Pete Schroeder; Editing by Chizu Nomiyama)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/fed-to-kick-off\/attachment\/federal-reserve-board-building-in-washington-9\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8S0VH-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8S0VH-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Pete Schroeder WASHINGTON (Reuters) \u2013 The Federal Reserve announced Thursday that six of the nation\u2019s largest banks would participate in a pilot climate scenario analysis exercise in 2023.<\/p>\n","protected":false},"author":66,"featured_media":1889345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1664327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/fed-to-kick-off\/?utm_source=rss&utm_medium=rss&utm_campaign=fed-to-kick-off","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1664327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1664327"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1664327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889345"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1664327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1664327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1664327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}