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episode 3480: The Federal Reserve Takes On Climate Change
The Federal Reserve Board is the Central Bank of the United States. Founded by an Act of Congress in 1913, it operates under the twin mandate of full employment, narrowly defined, and stable prices. Now it you missed in that definition the provision that the Fed should also save us from natural disasters, you're not alone so did I. But protect us from Natural Disasters, or more precisely from the adverse affects of Climate change, appears to be just what the Fed has in mind. In the Fed's latest Financial Stability Report, released last week, the Fed for the very first time, has taken on the responsibility of monitoring climate change and its effect on the economy.