In other news, John Bolton's lawyers say the former national security adviser knows details about Trump's corrupt dealings in Ukraine that lawmakers don't know about yet. Curious.
Meanwhile, pay and compensation for non-executive directors at American firms has reached a new all-time record high. Must be nice!
Finally, the Federal Reserve will soon include climate change in financial risk assessments according to Fed Governor Lael Brainard and San Francisco Fed President Mary Daly.
“Climate change is an issue we can’t afford to ignore,” San Francisco Fed President Mary Daly said at the start of the conference, a day that also marked the one-year anniversary of a fire 150 miles north of San Francisco that killed 85 people and destroyed 14,000 homes, a conflagration blamed in part on climate change. “This is not a hypothetical risk of the future...the risks are here, we have to deal with them.”
The Fed, Brainard said, will need to look at how to keep banks and the financial system resilient amid risks from extreme weather, higher temperatures, rising sea levels and other effects of the accumulation of greenhouse gases in the atmosphere.
And increasingly, she said, “it will be important for the Federal Reserve to take into account the effects of climate change and associated policies in setting monetary policy to achieve our objectives of maximum employment and price stability.”
It's amazing that climate change isn't already included in risk assessments given that it poses a risk to literally everything.
Programming note... Monday is a federal holiday and we'll be back in action here on Tuesday. Are you a veteran? Do you have veterans in your family? The veterans in my family are all deceased, but I still think about them every year.