by Steve Milloy, E&E Legal Senior Policy Fellow and Junkscience.com 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.”