Alumni Short

Saving the Economy or Saving the Planet? The Federal Reserve’s COVID Response and the Climate Change

Thursday, October 29, 2020
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Lyndsey Clark

Speaker: Graham Steele, Director of Corporations and Society Initiative, Stanford University, Graduate School of Business

Speaker Bio: 

In response to the COVID-19 pandemic, Congress has empowered the Federal Reserve, as this country’s central bank, to inject unprecedented amounts of money into the financial system in the hopes of saving the temporarily paralyzed U.S. economy. In pursuit of this goal, the Federal Reserve established several emergency credit facilities, including a few not seen in any prior crisis, to keep plentiful credit flowing to American companies. This, however, has proven to be a highly controversial process with potentially far-reaching economic, social, and political consequences. The Clarke Program on the Law and Regulation of Financial Institutions and Markets brings prominent scholars, policy experts, and financial journalists to weigh in on what these consequences may be.

The first event in this series will focus on potential effects of the Federal Reserve’s COVID rescue campaign on the increasingly urgent fight against global climate change. Global pandemics raise issues intimately tied to broader environmental challenges we are facing today. Is this the right moment to force a deeper change in how we produce and consume goods and services, in order to make the planet safer? Have the Federal Reserve’s actions to date supplied the right answer to this all-important question?

We invite you to join this conversation.