by Steve Milloy, E&E Legal Senior Policy Fellow and Founder
As appearing on RealClear Markets

Federal Reserve chairman Jerome Powell recently announced that the U.S. central bank will not be implementing climate policy. Such a statement should not be necessary. But it is welcome given the Fed’s recent moves toward becoming a tool of climate activists.

At a meeting of central bank leaders last week, European Central Bank president Christine LaGarde set the tone by stating, “We have to commit now, we have to deliver fast, and I think we have to implement decisively” on combatting global warming.

But Powell demurred, stating “We are not, and we do not seek to be, climate policymakers as such. We have a very specific mandate and precious independence, which we think serves the public well, has served the public well. And I think we should avoid trying to fill in public policy where governments have not done so yet. That’s not up to us.”

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