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The Federal Reserve building in Washington, DC. Photo: Daniel Slim/AFP via Getty Images

Federal Reserve board member Lael Brainard said the Fed is creating a "Financial Stability Climate Committee" (FSCC) to, as the name suggests, "identify, assess, and address climate-related risks to financial stability."

Why it matters: The group, announced in a speech Tuesday, is just the latest in a widening series of moves by the central bank to get a better handle on climate-related financial risks.

  • It comes two months after the Fed announced a separate body called the "Supervision Climate Committee" (SCC).
  • And late last year, for the first time, the Fed included climate among the risks described in its formal Financial Stability Report.

The intrigue: Brainard said the two committees will work in "close coordination" and her remarks delved into how they differ.

  • The FSCC's approach will take a macro-level approach to assess risk, exploring the "potential for complex interactions across the financial system."
  • The SCC, meanwhile, examines climate risks to specific financial institutions to help "develop an appropriate program to ensure the resilience of our supervised firms to those risks."

Go deeper

Updated 15 mins ago - World

Over 70 dead in worst bombardments between Israel and Hamas for years

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the fasting month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Israeli forces said they had killed a senior Hamas commander in May 12 airstrikes. Gaza's health ministry said children died in the strikes. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 67 Palestinians and seven Israelis have been killed in fighting between Israel's military and Hamas since Monday, per Reuters.

The big picture: The worst aerial exchanges of fire between Israel and Hamas since 2014 continued into early Thursday. It comes days after escalating violence in Jerusalem that injured hundreds of Palestinians and several Israeli police officers during protests over the planned evictions of Palestinian families from their homes.

Biden admin grants Colonial waiver to ease fuel shortages

Fuel tanks at Colonial Pipeline Baltimore Delivery in Baltimore, Maryland on Monday. Photo: Jim Watson/AFP via Getty Images

The Biden administration approved a temporary waiver of shipping requirements late Wednesday to help Colonial Pipeline transport fuel, as service resumes across the U.S. following a ransomware attack that that took it offline last week.

Why it matters: The century-old Jones Act requires ships to be built in the U.S. and crewed by American workers, but the waiver means foreign companies can transport gasoline and diesel to areas where there are fuel shortages.

Updated 4 hours ago - Politics & Policy

Don McGahn agrees to closed-door interview with House panel on Russia report

Former White House counsel Don McGahn during a discussion at the NYU Global Academic Center in Washington, D.C., in 2019. Photo by Alex Wong/Getty Images

Former White House counsel Don McGahn agreed Wednesday to speak with the House Judiciary Committee about former President Trump's alleged attempts to obstruct the Russia investigation — with certain conditions, per a court filing.

Why it matters: The agreement ends a two-year standoff after McGahn, a key player in former special counsel Robert Mueller's investigation, repeatedly refused to agree to a subpoena for testimony — resulting in the matter being taken to court.