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Fed Chair Jerome Powell. Photo: Mark Wilson/Getty Images

Federal Reserve Chair Jerome Powell told lawmakers the Fed is working to prepare financial institutions for severe weather events, even though climate is more broadly something "entrusted to other agencies."

Why it matters: Powell's April 18 letter, made public yesterday, provides a closer look than his previous public comments at how the Fed views the financial risks of extreme weather events that global warming is making more intense.

  • Powell notes that severe weather can not only "devastate" local economies, including banks, but also "temporarily affect national economic output and employment."
  • His letter explains how the Fed's risk framework for monitoring financial system stability sees episodes of extreme weather as potential shocks that can have ripple effects beyond straining insurance companies.

But, but, but: The letter is more moderate than a recent report by officials at the San Francisco Fed, and the calls to action of major central banks.

Our thought bubble: Via Axios' Dion Rabouin, Powell has been the perhaps the most political Fed chair ever. He's taken the view that the Fed is fighting for its survival. A big part of that fight is avoiding public confrontation with President Trump, who has staunchly opposed action on climate change, whenever possible.

What they're saying: Democratic Sen. Brian Schatz, who led a January inquiry to the Fed, the FDIC and the Office of the Comptroller of the Currency with 19 colleagues, attacked the agencies' responses via Twitter, calling them "garbage."

  • "[A]ccording to the Fed, severe weather isn't new and climate change isn't their responsibility," he said. "The American agencies that oversee the financial system have decided to ignore climate change."

Go deeper: The Fed outlines potential economic fallout from global warming

Go deeper

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.

Democrats open to user fees for infrastructure deal

President Biden sits Thursday with Sen. Shelley Moore Capito (R-W.Va.) as they discuss his $2.3 trillion infrastructure proposal. Photo: T.J. Kirkpatrick/The New York Times/Bloomberg via Getty Images

Some Senate Democrats are open to paying for a compromise infrastructure package by imposing user fees, including increasing the gas tax and raising money from electric car drivers through a vehicle-miles-traveled charge.

Why it matters: By inching toward the Republican position on pay-fors, some Democrats are bucking President Biden's push to offset his proposed $2.3 trillion plan by focusing only on raising taxes on corporations and the wealthy.

Progressive legal advocacy group spinning off from sponsor

Illustration: Annelise Capossela/Axios

A leading progressive legal advocacy group is spinning off from the sprawling dark money network that seeded it, the group tells Axios.

Why it matters: Demand Justice's decision to separate from the Sixteen Thirty Fund, a "fiscal sponsor" for scores of largely left-wing organizations, will provide the public with its first detailed look behind the curtain of the influential progressive nonprofit.