Federal Reserve Withdraws from Global Climate Coalition, Citing Mandate Issues
The Federal Reserve has exited the NGFS, reflecting a policy shift as it prioritizes its statutory obligations over climate-focused finance regulation.
The Federal Reserve's departure from the climate regulation group reflects a crucial acknowledgement of the limits of its statutory authority, reinforcing the notion that climate policy should primarily be the responsibility of Congress rather than the central bank.
Federal Reserve exits global climate change regulation group
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The Federal Reserve's decision to withdraw from a climate-focused group signals a significant shift in its priorities, reflecting the changing political landscape as it retreats from its previously stated commitment to addressing climate risks.
Fed pulls out of global climate change group
Axios·3M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.The Federal Reserve's decision to withdraw from the international central bank network aimed at addressing climate change reflects a troubling trend of sidestepping critical issues that are increasingly relevant to our financial system.
Federal Reserve says it will leave climate change organization
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Summary
The Federal Reserve announced it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System. This decision follows criticism from Congress and signals a shift in the Fed's strategy regarding climate-related financial regulation. The Fed cited that the NGFS broadened its scope beyond the Board’s legal mandate. This exit aligns with Fed Chair Jerome Powell's previous statements emphasizing that climate change policy should remain under Congressional purview. The timing coincides with the transition to President-elect Trump's administration who has been critical of climate policies.
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