WASHINGTON (AP) — The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how the financial system could help combat climate change. The Fed's membership has been criticized by Republicans in Congress.
In a short statement, the Fed said it had “appreciated” working with the Network of Central Banks and Supervisors for Greening the Financial System, the organization “has increasingly broadened in scope, covering a wider range of issues that are outside of the Board’s statutory mandate.”
Five of the Fed's seven governors voted in favor of leaving the network, including Chair Jerome Powell. Governors Michael Barr and Adriana Kugler abstained.
Christopher Rugaber, The Associated Press
