U.S. Reps. Patrick McHenry (R-NC) and Andy Barr (R-KY) voiced their concerns about the relationship of some Federal Reserve Banks with global organizations.
The two lawmakers sent letters to Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Bank of New York President John Williams about these concerns.
Specifically, they want to know about the basis of their relationships with certain global governance organizations, including the Network for Greening the Financial System (NGFS) and Bank of International Settlements (BIS).
“We write to obtain information about your Bank’s participation in research workstreams at the Network for Greening the Financial System (NGFS). According to your Bank’s website, your economic research ‘team is participating in the research workstream for the Network for Greening of the Financial System,”” they wrote in a letter to Daly. “For officials and staff at the Federal Reserve Bank of San Francisco (FRBSF) to have what appears to be an ongoing relationship and shared workstream with the NGFS, it is our understanding the FRBSF has submitted information to the Board of Governors of the Federal Reserve System.”
A letter sent to the New York Fed president was similar.
“We write to obtain additional information about the Federal Reserve Bank of New York’s (FRBNY’s) participation in activities with the Bank for International Settlements (BIS), including the numerous committees under the BIS umbrella, partnership with the BIS Innovation Hub, and any work by FRBNY officials and staff associated with workstreams or other activities of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS),” they wrote to Williams. “For officials and staff at the FRBNY to have what appears to be an ongoing relationship and shared work with the BIS, including its Innovation Hub and its numerous committees, and with the NGFS, it is our understanding the FRBNY has submitted information to the Board of Governors of the Federal Reserve System.”
The Republican lawmakers are requesting information related to the Federal Reserve regional banks’ past work and written agreements with these organizations. They requested answers to a series of questions by Feb. 16.