Ignoring the impact of climate change on financial institutions and global financial stability is no longer an option for any financial regulator. Given the Federal Reserve’s leadership role at the FSB, we should expect that together with other financial regulators around the world, the Fed should create and enforce regulations for banks and other financial institutions, so that they establish transparent frameworks to identify how climate change could impact their credit, market, and operational risk exposures, as well as their levels of capital and liquidity.