Fed Blocks Tough Global Climate Rules for Wall Street Banks (1)

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.

The rift at the committee, which brings together representatives from regulators and central banks around the world to coordinate rules ...