US_ Federal Reserve Withdraws From Global Climate Group as Trump Set to Assume Power

THE EPOCH TIMES

Federal Reserve Withdraws From Global Climate Group as Trump Set to Assume Power

Five Federal Reserve officials, including chair Jerome Powell, voted for the withdrawal, while two officials did not vote.

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a meeting of the Federal Open Market Committee at the Federal Reserve in Washington, on Dec. 18, 2024. Alex Wong/Getty Images

By Naveen Athrappully
1/18/2025   Updated:  1/18/2025


The U.S. Federal Reserve is exiting a global climate change coalition days before the new Trump administration is set to take power on Jan. 20.

The Federal Reserve had joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in December 2020. NGFS, composed of global central banks and supervisors, aims to integrate climate and environmental risk management into the financial sector and mobilize “finance to support the transition toward a sustainable economy,” according to the group’s website. On Friday, the Federal Reserve announced its withdrawal from the 143-member coalition.

“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 agency said. Five Federal Reserve officials, including chair Jerome Powell, voted for the withdrawal, while two officials did not vote.

Rep. Andy Barr (R-Ky.) welcomed the Federal Reserve decision, calling it a “step in the right direction,” according to a Jan. 18 post on social media platform X.

“By pulling out from the NGFS, the Fed sets itself up to reprioritize the needs of American citizens and the U.S. financial system “instead of the wants of unelected, foreign bureaucrats,” he said.

Ben Cushing, campaign director for the Sierra Club’s Fossil-Free Finance campaign, blamed the upcoming Trump administration for the Fed’s recent decision to exit NGFS, according to a Jan. 17 statement.

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READ MORE: https://www.theepochtimes.com/business/federal-reserve-withdraws-from-global-climate-group-as-trump-set-to-assume-power-5794554?ea_src=frontpage&ea_cnt=a&ea_med=top-news-7-top-stories-0-title-0

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