Fed's Powell says central bank climate group was no longer good fit
ReutersJan 29, 2025 8:07 PM
NEW YORK, Jan 29 (Reuters) - Federal Reserve Chairman Jerome Powell defended on Wednesday leaving a global central bank climate alliance following Donald Trump's election as president, a group the Fed had joined when Joe Biden was elected in 2020.
Powell said the Network of Central Banks and Supervisors for Greening the Financial System had seen its mandate expand a lot and the work of the group was "not a good fit for the Fed" anymore and "it was time to acknowledge that." Powell noted the timing issue and said "I’m aware of how it can look but it was really not driven by politics."
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