Reported about 13 hours ago
The U.S. Federal Reserve announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), citing the group's broadened scope as outside of its statutory mandate. This decision comes just days before President-elect Donald Trump's inauguration, who has been critical of climate change policies. While the Fed had previously engaged with climate risk analysis, Chair Jerome Powell emphasized that setting climate policy is not the Fed's responsibility, and recent trends show a similar exit from climate-focused groups by other financial institutions.
Source: YAHOO