Fed announces climate test for some large banks
US central bank will test six major banks but says results will not have capital consequences
Six of the largest banks in the US will participate in the first climate risk scenario run by the Federal Reserve.
The pilot test will begin in early 2023 and finish near the end of the year. Wells Fargo, Morgan Stanley, Bank of America, Citigroup, Goldman Sachs and JP Morgan Chase will participate. The Fed said the test will feature climate, economic, and financial variables.
The Fed announced the tests on September 29. It said that unlike its annual bank stress tests, the results of the
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