POWELL SPEECH: WE ARE NOT CLIMATE CHANGE POLICYMAKERS

Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee.

Key takeaways

"We are making sure banks with commercial real estate sector exposure can manage any losses."

"This fallout will last over next several years."

"Our Fed supervisors are engaged with small and medium-sized banks on their exposure risks."

"Immigration and labor force participation both contributed to strong economic growth we had last year."

"Silicon Valley Bank's failure was due to a too-concentrated funding structure."

"We are not climate change policymakers."

"We are starting very carefully with large institutions on their climate exposure; not for imposing it on small banks."

"Compensation incentives were not a main driver of Silicon Valley Bank's failure."

"Climate change is real and poses risks over the longer term