The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) citing activities exceeding its legal authority. The Fed joined the group in 2020 to help advance green finance and climate policy, but stated that the NGFS's scope has broadened beyond its mandate. Fed Chair Jerome Powell has consistently maintained that climate change policy falls under Congress' authority.
The Federal Reserve on Friday announced that it has withdrawn from a global climate change regulation group due to its activities exceeding the scope of the Fed's legal authority. The Fed exited the Network of Central Banks and Supervisors for Greening the Financial System , which was created in 2017 to help facilitate the advancement of green finance and climate policy.
The Fed's announcement comes ahead of the inauguration of President-elect Trump for his second term in the White House, which is set to begin Monday. Trump has criticized governmental efforts to pursue climate change policies. GET FOX BUSINESS ON THE GO BY CLICKING HERE Reuters contributed to this report.
FEDERAL RESERVE CLIMATE CHANGE NGFS GREEN FINANCE LEGAL AUTHORITY
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