Fed Quits Global Climate Network Ahead of Trump Presidency
Source: New York Times
Fed Quits Global Climate Network Ahead of Trump Presidency
Federal Reserve Bank officials said the decision to leave the network came after the group’s work had “increasingly broadened in scope.”
The Federal Reserve said Friday that it was dropping out of a network of central banks and other financial regulators focused on climate change. Anna Rose Layden for The New York Times
By Madeleine Ngo
Reporting from Washington
Jan. 17, 2025
Updated 3:51 p.m. ET
The Federal Reserve has withdrawn from a network of global financial regulators focused on climate risk days before President-elect Donald J. Trump returns to power.
The central bank announced that it was formally joining the network in December 2020, shortly after President Biden was elected. The decision was met with praise from Democrats and skepticism from Republicans, who worried that increased attention to climate risk by financial regulators could have harmful impacts on American bank customers.
The group, known as the Network of Central Banks and Supervisors for Greening the Financial System, exists to help central banks and other regulators exchange ideas and research as they figure out how to account for climate-related risks in the financial sector. The network also aims to “mobilize mainstream finance to support the transition toward a sustainable economy.”
Fed officials said the decision to leave the network came after the group’s work had broadened. ... “While the Board has appreciated the engagement with the N.G.F.S. and its members, the work of the N.G.F.S. has increasingly broadened in scope, covering a wider range of issues that are outside of the Board’s statutory mandate,” the Federal Reserve said in a statement on Friday.
{snip}
Madeleine Ngo covers U.S. economic policy and how it affects people across the country. More about Madeleine Ngo
https://www.nytimes.com/by/madeleine-ngo
Read more: https://www.nytimes.com/2025/01/17/us/politics/fed-trump-climate-network.html
= new reply since forum marked as read
