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.

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This story was covered by 3 sources. This shows the distribution of these sources: left-leaning (blue), center (gray), and right-leaning (red).

Business

Reliable

The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.

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Summary

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The Federal Reserve announced it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System.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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From the Right

A recap of the main views or arguments shared by right-leaning sources.

The Federal Reserve's exit from the NGFS is a necessary decision to avoid overstepping its legal authority.
Critics of climate change policies often view government interventions as excessive and capable of harming economic stability.
Federal Reserve officials emphasize the importance of respecting the boundaries of their mandate and leaving climate policy to Congress.

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Highlights (3)

Excerpts from the underlying articles that best reflect each outlet's unique perspective on this story.

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
Fox Business
Mostly Reliable
The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.
·Leans Right
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
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
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
Associated Press
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center