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US Fed withdraws from global climate-change body

( January 17, 2025, 21:44 GMT | Official Statement) -- MLex Summary: The US Federal Reserve said it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System. "While the Board has appreciated the engagement with the NGFS and its members, the work of the NGFS has increasingly broadened in scope, covering a wider range of issues that are outside of the Board's statutory mandate," the announcement said. The international network, started by European central banks and financial regulators, was dedicated to understanding the impact of climate change on banks. The Fed's vote included five members in favor, led by Chair Jerome Powell, with two abstentions. None of the seven governors voted against withdrawal. Statement follows below:...

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