Another Biden boondoggle goes by the wayside.

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 in a statement Thursday that banks should “consider and appropriately address all material financial risks,” adding that lenders should be resilient to a range of factors including emerging risks. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency also signed onto the statement.

This would not only have been very costly for banks to do business, but probably would have somehow aided in re-implementation ESG programs. Fortunately, that has been brought to a halt.

PHOTO CREDIT: Pixabay