off-the-wire

Federal Reserve announces exit from regulatory climate change group

Kitco Media
By Reuters
Published:
Updated:
Reuters
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WASHINGTON, Jan 17 (Reuters) - The Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

In a statement, the Fed said it was exiting the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) because its increasingly broadened scope had fallen outside the Fed's statutory mandate.

The central bank joined the group in 2020.

Reporting by Pete Schroeder; Editing by Chris Reese

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