Fed's Powell says does not seek to set climate policy for U.S

FILE PHOTO: Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS/File Photo

WASHINGTON (Reuters) – The Federal Reserve does not seek to set climate policy for the U.S. and the issue, while of long-term economic concern, does not currently influence monetary policy, Fed chair Jerome Powell said on Friday.

“Climate change is not something we directly consider in setting monetary policy,” Powell said at a panel discussion with other global central bankers. “Central banks can play an important role in building and analysis. ..to quantify the risks…But we are not and we don’t seek to be climate policymakers as such,” a role that should be left to elected officials, Powell said.

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