During a recent government meeting, a significant point of contention arose regarding the absence of a witness panel from key global governance organizations. The panel, which was expected to include representatives from the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Network for Greening the Financial System (NGFS), declined to participate, prompting disappointment among committee members.

One committee member expressed frustration over this refusal, emphasizing the importance of accountability and transparency from these international bodies. The member noted that while U.S. financial regulators may not always provide satisfactory answers, they at least engage with Congress, recognizing its authority. In contrast, the global organizations' decision to skip the hearing was seen as a disregard for the democratic process.

The member highlighted a perceived inconsistency, pointing out that the NGFS had previously engaged with Senate Democrats' Special Committee on the Climate Crisis in 2019, raising questions about their current lack of participation. This situation underscores ongoing tensions between U.S. congressional oversight and the actions of international financial governance entities.