The Federal Reserve's recent withdrawal from the global financial regulators' network for climate risk underscores a shift in priorities towards concerns outside its statutory mandate.
Fed officials stated that while the engagement with the N.G.F.S. has been appreciated, the group's work has broadened to include issues outside of the Fed's statutory scope.
The decision to join the Network of Central Banks and Supervisors for Greening the Financial System signified a recognition that climate risks need addressing in financial sectors.
Republicans expressed skepticism regarding the network's focus on climate risks, fearing it could negatively impact American bank customers.
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