Fed's Barr says banks must manage climate risk
June 26 (Reuters) - Federal Reserve Governor Michael Barr on Thursday said the U.S. central bank needs to ensure that banks are measuring and managing climate-related risk as they do other risks.
"I think climate risk is a real risk for us as a society and is likely to be a risk for the financial system unless we pay attention to it now," Barr said in answer to a question at a community development conference at the Cleveland Fed.
"We don't make climate policy. We don't want to make climate policy. But our role is to make sure that the institutions we supervise are operating in a safe and sound way. And that means paying attention to how they're measuring and managing climate-related risks."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
19 minutes ago
- Reuters
McDermott, Schulte partnerships vote to approve law firm merger
June 26 (Reuters) - Partners at U.S. law firms McDermott Will & Emery and Schulte Roth & Zabel have voted to merge effective Aug. 1, the firms said in a joint statement on Thursday. The deal is set to create a 1,750-lawyer firm with more than 20 offices globally, in the latest major legal industry merger. The combined firm will be named McDermott Will & Schulte. The two firms in May said they were finalizing a merger deal. Chicago-founded McDermott, the larger firm with about 1,400 lawyers, generated more than $2.2 billion in gross revenue in 2024, according to figures reported by The American Lawyer. The firm is known for advising healthcare and other clients in a range of practice areas. New York-founded Schulte, which is focused on advising hedge funds and other private capital clients, brought in more than $618 million in gross revenue last year, according to the American Lawyer. Consolidation has been a theme in the legal industry for decades, as firms seek scale in a quest for increased market share and profitability. The most recent major law firm tie-up was that of Herbert Smith Freehills and Kramer Levin, which merged on June 1 to create Herbert Smith Freehills Kramer, which has more than 2,700 lawyers. Last year, Allen & Overy combined with Shearman & Sterling to create A&O Shearman, with nearly 4,000 lawyers.
Reuters
19 minutes ago
- Reuters
J.M. Smucker to remove artificial food dyes by end-2027
June 26 (Reuters) - Jif peanut butter maker J.M. Smucker (SJM.N), opens new tab said on Thursday it would remove synthetic food colors from all consumer food products by the end of 2027. The company said this move would impact its sugar-free fruit spreads, ice cream toppings as well as some sweet baked goods from its Hostess brand portfolio. J.M. Smucker said majority of its products currently available to K-12 schools do not contain any artificial colors, and is working with distribution partners to stop selling products with synthetic dyes to K-12 schools by the 2026-2027 school year. Packaged food makers, including Conagra Brands (CAG.N), opens new tab and General Mills (GIS.N), opens new tab, have been committing to eliminate the use of artificial colors from their product categories as they align themselves with the plans of Health Secretary Robert F. Kennedy Jr. to remove synthetic food dyes from the U.S. food supply. Earlier this month, Kraft Heinz (KHC.O), opens new tab also said it would stop launching new products containing artificial colors in the U.S. and plans to remove synthetic dyes from existing items by the end of 2027.
Reuters
23 minutes ago
- Reuters
UnitedHealth appoints new CEO to run health services division
NEW YORK, June 26 (Reuters) - UnitedHealth Group's (UNH.N), opens new tab health services segment, Optum Health, will be led by Patrick Conway, according to an internal company memo. A spokesperson for UnitedHealth said Conway's experience in value-based care, where payment is generated from keeping patients healthy, drove the health insurer's new appointment. 'Leadership changes are consistent with the company's longstanding, intentional approach to develop an executive team with a range of experiences across its diverse portfolio of businesses," the spokesperson said. The company named former Optum Health CEO Amar Desai as vice-chairman of the unit. UnitedHealth Group named a new company-wide CEO, veteran Stephen Hemsley, to steer the healthcare giant following its first earnings miss since 2008. Conway in April was appointed CEO of UnitedHealth's Optum segment, which operates its Optum Health unit, and previously ran its Optum Rx pharmacy benefit manager. Optum Health, which operates medical clinics and offers nursing services, serves as UnitedHealth's healthcare delivery arm. In a first-quarter earnings call, UnitedHealth detailed underperforming revenue at Optum Health, citing reduced engagement from Medicare Advantage patients. A May Wall Street Journal report detailed a criminal probe by the Department of Justice on UnitedHealth's billing practices, related to in-home visits it conducts within Optum Health. Hemsley in a June shareholder meeting said that the company was undertaking a review of practices across its business, apologizing for recent underperformance in earnings.
