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Former Fed Official Warns: Climate Risks Threaten US Economy

10/11/2025

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Summary

Story summary

Kevin Stiroh, former Federal Reserve official, warns the US economy faces shocks from extreme weather.
He says banks must prepare for climate-related losses that could affect balance sheets.
Stiroh criticizes the Fed for deprioritizing climate risk, contrasting with Europe where banks monitor risks.
California will require climate risk disclosures for companies starting in 2026 due to climate change effects on the economy.

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Story summary

Kevin Stiroh, former Federal Reserve official, warns the US economy faces shocks from extreme weather.
He says banks must prepare for climate-related losses that could affect balance sheets.
Stiroh criticizes the Fed for deprioritizing climate risk, contrasting with Europe where banks monitor risks.
California will require climate risk disclosures for companies starting in 2026 due to climate change effects on the economy.