The Federal Reserve disbanded the climate panel that studied financial stability risks

The Federal Reserve has disbanded several of its internal climate-related working groups that were meant to help the bank identify and respond to financial stability threats stemming from climate change. Among those removed were the Regulatory Climate Committee and the Financial Stability Climate Committee established in early 2021, when the Fed under the Biden administration began publicly discussing the impact of global warming and extreme weather on the financial system. Brainard, then vice-chairperson of the Federal Reserve, said the committees were an important step in building an "institutional capacity and body of knowledge" on climate risks. The committees closed in March, according to people familiar with the matter, along with the Committee on Economic Activities Climate and the Committee on Climate Data.