“Fed Joins Climate Network, to Applause From the Left”

“The central bank joined a network of global financial regulators focused on climate risk. The response to the move underlined its tricky politics.”

“WASHINGTON — The Federal Reserve is joining a network of central banks and other financial regulators focused on conducting research and shaping policies to help prepare the financial system for the effects of climate change.

The Fed’s board in Washington voted unanimously to become a member of the Network of Central Banks and Supervisors for Greening the Financial System, it said in a statement on Tuesday. The central bank began participating in the group more than a year ago, but its formal membership is something that Democratic lawmakers have been pushing for and that Republicans have eyed warily.

The Fed’s halting approach to joining underlines how politically fraught climate-related issues remain in the United States.”

Jeanna Smialek reports for the New York Times December 15, 2020.