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What is the primary reason cited by the Federal Reserve for NGFS withdrawal by March 2025?
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Resolution / Starting Odds
Broadening scope of NGFS • 25%
Political pressure • 25%
Resource allocation • 25%
Other • 25%
Official statements or press releases from the Federal Reserve
Story
Federal Reserve Withdraws From NGFS Climate Coalition Three Days Before Trump's Inauguration
Jan 17, 2025, 07:20 PM
The Federal Reserve has announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a global coalition focused on addressing climate risk in the financial sector. The decision to leave the NGFS was made because the group's scope has broadened beyond the Fed's statutory mandate, according to a statement from the central bank. Five governors voted in favor of leaving, with Michael Barr and Adriana Kugler dissenting. The move comes three days before the inauguration of President-elect Donald Trump, who has previously criticized government efforts to prescribe climate change policies. The Fed joined the NGFS in 2020, and its exit reflects a stance that the central bank should not be involved in setting climate change policy, a responsibility it believes lies with Congress.
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Other • 25%
Scope Beyond Mandate • 25%
Internal Disagreements • 25%
Political Pressure • 25%
Political pressure • 25%
Financial constraints • 25%
Other • 25%
Broadening scope beyond mandate • 25%
Other • 25%
Political pressure • 25%
Operational scope differences • 25%
Statutory mandate concerns • 25%
Predominantly negative • 25%
Predominantly positive • 25%
Mixed reactions • 25%
Largely indifferent • 25%
Rejoin NGFS • 25%
Join a different climate-focused coalition • 25%
No significant change in climate policy stance • 25%
Strengthen internal climate policies independently • 25%
European Central Bank • 25%
Bank of Japan • 25%
Other • 25%
Bank of England • 25%
No • 50%
Yes • 50%