Membership Withdrawal
The announced its departure from the Network of Central Banks and Supervisors for Greening the Financial System, citing the organization's expanded scope beyond its statutory mandate.
This decision comes amid criticism from Republicans in Congress and precedes the return of President-elect to power, aligning with skepticism from Trump's economic adviser .
Responses and Implications
Critics, including 's Jeremy Kress, express concern over the Fed's withdrawal, emphasizing the importance of addressing climate-related financial risks.
Five of the Fed’s seven governors, including Chair , voted in favor of leaving the network, with two members abstaining. This move reflects a shift in the Fed's approach to climate change and financial regulation.