Americans for Financial Reform Education Fund joined 64 groups in writing a letter to Federal Reserve Chair Powell to take bold and timely action on climate change, in line with the US commitment to the Paris Agreement. The letter asks him to use the Fed’s powers to supervise banks and other financial institutions on climate risk, use regulation to ensure financial stability, and manage the climate impact of the Fed’s emergency lending and monetary operations. A group of 25 House Democrats, led by Rep. Mondaire Jones and Rep. Rashida Tlaib, sent a companion letter also calling for action.

The letter was released alongside a Public Citizen report, How Green is the Fed?, that explains what the Fed could be doing to address the climate crisis, what it’s actually doing, and ways to improve quickly.