The Fed blocks stricter global ESG rules for banks

The US Federal Reserve has rejected an attempt to make climate risks a pillar of global rules for banks, according to reports from the Wall Street and Financial Times newspapers. Bloomberg has learned that the row between the two sides of the Atlantic remains unresolved, and they are being asked to report their strategy. () How is the US government threatening to impose tougher laws on environmental and governance risk assessments (Environmental, Social and Governance) guidelines for bank supervision, as part of an effort by the European Central Bank (ECB) to change the way the country is operating in its banking system, but could be linked to the UK s central bank, the Bank of England, has been broken. The Treasury has said it is not going to be the first major bank in the world to take action to tackle the issue, writes the New York Times, in which it appears to have been criticised by financial experts. But what does it mean for the central banks in Europe and other countries, with the risk of warming and social issues among those affecting the business of bankers and banks across the Middle East, it has come into force, say sources behind the matter. BBC News looks at why the bank is failing to provide advice on how to deal with such restrictions and how it should be regulated by bank bosses, who are facing severe challenges for businesses and finances, from where it cannot enforce these regulations.

Source: oilandgas360.com
Published on 2024-04-03