Ahead of Trump Presidency, the Fed Quits Global Climate Network

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global network focused on climate risk, just days before President-elect Donald J. Trump returns to power. The decision to leave the network came after the group’s work broadened, covering issues outside the Fed’s statutory mandate. Fed Chair Jerome H. Powell was among the five members of the Board of Governors who voted to withdraw, citing concerns about the impact of the network’s recommendations on access to capital for crucial industries.

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