Forty-seven Republicans in the U.S. House warned the Federal Reserve chairman against moving ahead with climate risk regulations for the banking system.
Oklahomans in the House did not join in the letter to Jerome Powell, chairman of the Board of Governors of the Federal Reserve System.
The lawmakers expressed their concerns about a growing movement by those in the system against fossil fuels.
“It would be unwise for U.S. regulators to mirror the efforts of their European counterparts without first conducting extensive review,” they wrote.
“We are also concerned that introducing climate change scenarios into stress tests could accelerate the ill-advised pattern of “de-Banking” legally operating businesses in industries, such as coal and oil and gas, that are politically unpopular to certain vocal policymakers,” said the representatives.
The members of Congress warned against joining the Network for Greening the Financial System.
“Politicizing access to capital and choking off funding to idustries that millions of Americans rely on is unacceptable, especially in times of economic and financial uncertainty.”
