Republished by Government Accountability & Oversight
Another government campaign led to the strangling of legal companies’ access to capital
A letter from Republicans on the Senate Banking Committee to the Biden White House Tsar John Kerry and the government criticizing efforts to force banks to de-platform fossil fuel companies and give them a new mandate Seek disclosure of global warming for publicly traded companies.
Toomey, GOP bankers urge Kerry that the Biden administration is no longer trying to de-bank energy companies
Also, push back on new global warming disclosure mandates for SEC regulated companies
Washington, DC – Ahead of President Biden’s Climate Change Summit, the U.S. Senate Climate Change Committee, Pat Toomey (R-Pa.), And all Republican members of the committee, they sent a letter asking the President’s Special Envoy for Climate, John Kerry, to stop pressure from banks to generate energy -related loan commitments.
By doing letterMembers argue that misusing government power to influence bank lending and investment practices will distort capital allocation, increase energy costs for consumers and slow economic growth. Members also reminded Mr. Kerry that one of the main drivers of America’s economic success has been our rule of law, not coercion, in government.
“Aside from the poor track record associated with central economic planning, this overt attempt to prevent energy companies from raising capital is disturbingly similar to the Obama administration’s infamous” Operation Choke Point “scandal involving financial regulators tried to force banks to legally and politically refuse to provide services – beneficiary companies. “
The letter also expresses concern that President Biden is about to sign an executive order setting a new mandate forcing publicly traded companies to disclose non-material information about global warming. The members wrote:
“The obvious goal of these efforts is not to protect investors, but rather to punish legitimate energy companies by preventing them from lending to and investing in such companies.”
Read the full letter Here.
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