The Federal Reserve announced it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System. This decision follows criticism from Congress and signals a shift in the Fed's strategy regarding climate-related financial regulation. The Fed cited that the NGFS broadened its scope beyond the Board’s legal mandate. This exit aligns with Fed Chair Jerome Powell's previous statements emphasizing that climate change policy should remain under Congressional purview. The timing coincides with the transition to President-elect Trump's administration who has been critical of climate policies.