Fed names chair of newly formed Supervision Climate Committee

The Federal Reserve Bank of New York announced Jan. 25 that Kevin Stiroh will leave his role as head of the Supervision Group to chair the Fed's newly formed Supervision Climate Committee, or SCC.

Stiroh will begin his new role Feb. 1. The SCC seeks to enhance the Fed's understanding of the potential implications of climate change for financial institutions, infrastructure and markets.

Additionally, the Fed named Supervision Group Senior Vice President James Hennessy as interim group head, effective Feb. 1. The New York Fed will launch a formal search for a permanent successor in the coming weeks, according to a press release.