A global effort by central banks to join the fight against climate change has hit a major hurdle with the U.S. Federal Reserve's decision to leave a club devoted to policing environmental risk in finance.

The Federal Reserve is withdrawing from an environmental group for global central bankers. The Fed joined the group, the Network of Central Banks and Supervisors for Greening the Financial System, in

The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how the financial system could help combat climate change. The Fed's membership has been criticized by Republicans in Congress.