The independence of the Federal Reserve (Fed) from political influence is essential to fight inflation, and requires that it stay out of issues such as climate change, which are beyond its mandate established by Congress, said the president of the Fed, Jerome Powell.
“Restoring price stability when inflation is high requires short-term measures that are not popular, as we raise interest rates to slow the economy. The absence of political control over our decisions allows us to take these necessary steps without considering political factors,” Powell told a forum on central bank independence sponsored by the Swedish central bank, Riksbank.
“But we must stick to our business and not wander in search of perceived social benefits that are not closely tied to our goals and legal authorities,” he said.
Despite Powell’s assertion that the US central bank’s regulatory powers give it a narrow role in ensuring that financial institutions properly manage the risks they face from climate change, he asserted that they are not, and will not be, climate policymakers.
“Without explicit legislation from Congress it is inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or achieve other climate-based goals,” Powell said.
hartford car insurance shop car insurance best car insurance quotes best online car insurance get auto insurance quotes auto insurance quotes most affordable car insurance car insurance providers car insurance best deals best insurance quotes get car insurance online best comprehensive car insurance best cheap auto insurance auto policy switching car insurance car insurance quotes auto insurance best affordable car insurance online auto insurance quotes az auto insurance commercial auto insurance instant car insurance buy car insurance online best auto insurance companies best car insurance policy best auto insurance vehicle insurance quotes aaa insurance quote auto and home insurance quotes car insurance search best and cheapest car insurance best price car insurance best vehicle insurance aaa car insurance quote find cheap car insurance new car insurance quote auto insurance companies get car insurance quotes best cheap car insurance car insurance policy online new car insurance policy get car insurance car insurance company best cheap insurance car insurance online quote car insurance finder comprehensive insurance quote car insurance quotes near me get insurance