Financial Climate Risks Are Minimal

The Biden Administration recently declared climate change an “emerging and increasing threat to U.S. financial stability.” The regulators must have missed a new New York Federal Reserve Bank staff study, which finds extreme weather may actually benefit banks. The real risk to the U.S. economy and financial stability is regulators, like Mr. Biden’s nominee for Comptroller of the Currency Saule Omarova, who want to bankrupt fossil-fuel companies.

The Fed staff study comes as the Administration ramps up plans to regulate how banks deploy capital in the name of protecting the financial system from climate change. But the authors find that banks are already doing an excellent job of managing risks from extreme weather that climate change will supposedly make worse.

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