Federal banking agencies are coming under scrutiny again for their efforts to address the financial threats of climate change alongside peer regulators overseas.
House Financial Services Chair Patrick McHenry (R-N.C.) and Rep. Andy Barr (R-Ky.), who chairs the Financial Institutions and Monetary Policy Subcommittee, asked the Governmental Accountability Office on Monday to investigate U.S. agencies’ involvement in an international climate organization made up of more than 100 central banks and agencies.
The Federal Reserve joined the Network for Greening the Financial System in 2020 amid pressure from progressives to consider climate change’s potential threat to U.S. financial markets. The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. joined in 2021 and 2022.
Although the Fed became a member during the Trump administration, the central bank is an independent agency and does not answer to the president.
