Fed's Lael Brainard speaking on climate change and risks Fed forming new committee to monitor climate risks

  • mandatory disclosures on climate likely important
  • committee to identify risks to financial stability
  • Fed needs framework to address micro-and macro prudential considerations on climate risk
  • new committee will approach climate risks to financial stability from macro prudential perspective
  • may be helpful to tool to assess financial system risks
  • disclosures can sure financial system resilient
  • mandatory disclosures on climate risk likely to be important