Toomey Statement on Biden’s “Green” Finance Executive Order
Washington,
D.C.
– U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the
following statement in response to President Biden’s executive order directing
Treasury Secretary Janet Yellen, head of the Financial Stability Oversight
Council (FSOC), to issue a report on so-called “climate-related financial risk
data.”
“Today’s executive order demonstrates that
the Biden administration is preparing to misuse financial regulation to further
environmental policy objectives. Not only would such regulation exceed the
scope of financial regulators’ respective missions and authorities, but it
would also distort capital allocation, raise energy costs for consumers, and
slow economic growth.
“If Congress believes current
environmental laws do not adequately address risks from global warming, changes
should be enacted through the legislative process by legislators who are
accountable to the American people—not by financial regulators who have neither
experience nor accountability.”
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