Friend,

It's official: President Biden has reappointed Jerome Powell as U.S. Federal Reserve chair (aka the head of our central bank).

This is important, folks.

The climate crisis is entwined with our financial system. First, climate change poses a grave threat to our financial system. In fact, economists are warning that unchecked climate change could drive us into a recession "like we've never seen before." Second, banks are fueling the climate crisis by pouring huge amounts of money into fossil fuels. This exacerbates the risks posed to our financial system.

As Fed chair, Powell can mitigate these risks, and he must.

We've made it simple to understand, whether you work at the Federal Reserve or whether this is your first time exploring how the climate crisis damages our economy. Click here to read our blog post rolling out five concrete steps Powell can take to address climate-related risk and preserve U.S. financial stability. (Maybe it'll make a good discussion topic around your dinner table on Thursday...)

READ THE BLOG POST

I'll be blunt: Powell hasn't done enough when it comes to tackling the threats the climate crisis poses to our financial system. In his first term, he's taken some steps to account for climate in routine stress-testing scenarios (translation: simulations that test whether banks can weather shocks to the economy). But these steps are not nearly enough to prevent a climate-fueled economic crash.

In his second term, Powell must use every tool at his disposal to promote stability and mitigate the systemic risk posed by the climate crisis. And we know just the tools he can use to do this.

Take a few minutes to read it—then share it with your savviest climate-minded friends. Because we can all use a little Fed-ucation.