Banks will no longer be expected to detail how they manage climate-related financial risk, following pressure from President Donald Trump and Republican lawmakers who say climate risk has unduly influenced financial regulation.
The Federal Reserve said that banks should “consider and appropriately address all material financial risks,” in a Thursday statement in conjunction with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. The regulators added that lenders should be resilient to a range of factors including emerging risks.
“The agencies do not believe principles for managing climate-related financial risk are necessary because ...
