True to the word of the now-acting board chairman, the federal bank deposit insurance agency Tuesday withdrew from an international regulators’ group promoting the “greening” of the financial system.
In a brief (one paragraph, two-sentence) statement, the Federal Deposit Insurance Corp. (FDIC) said it had withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
“The work of NGFS is not within the FDIC’s authorities and mandate, and thus the FDIC has withdrawn,” the agency said in the statement.
Acting FDIC Chairman Travis Hill said last week (before he assumed the role of chairman Tuesday, succeeding retired former Chairman Martin Gruenberg) that the agency he agency “has had a “misguided focus on climate.” He also said he does not expect the FDIC to be issuing any future “quantitative or qualitative climate disclosure regime” for banks in the U.S., such as that proposed by the Basel Committee.
The Federal Reserve beat Hill to the punch on withdrawal of membership from the NGFS: late last week, the agency announced it has taken leave of the Paris-based group. The Fed said 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 Fed also said it has appreciated the engagement with the NGFS and its members.
FDIC Withdraws from the Network of Central Banks and Supervisors for Greening the Financial System
Leave a Reply