Powell: Fed has only narrow role to play on climate change

By CHRISTOPHER RUGABER and DAVID MCHUGH
Associated Press Writers

WASHINGTON (AP) — The Federal Reserve has a limited role to play combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks to take steps to limit lending to energy companies. “Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals,” Powell said in prepared remarks to be delivered during a panel discussion in Stockholm hosted by Sweden’s central bank. “We are not, and will not be, a ‘climate policymaker.’ ”