Exclusive
Fed Blocks Tough Global Climate Rules for Wall Street Banks
- ECB has been pushing Basel Committee to set requirements
- US, European officials differ over approach for new standards
US regulators, led by the Federal Reserve, have thwarted a push to make climate risk a focus of global financial rules, according to people familiar with the matter.
European central bankers have been advocating for the Basel Committee on Banking Supervision to agree on requiring lenders to disclose their strategies for meeting green commitments. In closed-door meetings, US officials have cited their narrow mandate and concerns that the Basel Committee was overstepping its purpose, some of the people said.