TOP STORIES How Republicans 'Arm' State Office Against Climate Action

How Republicans ‘Arm’ State Office Against Climate Action

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Like Ms Omarova, Ms Raskin withdrew her candidacy. “Sarah has been subjected to unwarranted attacks from industry and conservative groups,” Biden said in a statement.

Treasurers also drew attention to new federal rules and regulations designed to strengthen the government’s ability to act in the face of climate change.

Late last year, the Public Financial Officers Foundation worked with the Heritage Foundation to respond to suggestions from the Financial Stability Oversight Board, a government group tasked with minimizing risks in the financial sector, on ways to mitigate the threats posed by climate change. .

And shortly thereafter, Mr. Oakes, Utah Treasurer, drafted a letter against a potential Labor Department rule that would allow pension plans to incorporate global warming risks into their investment strategy. Mr. Kraifels circulated the draft among the members of the foundation, and more than a dozen treasurers signed it. last letter. The Department of Labor has not yet decided whether to apply this rule.

This year, treasurers have targeted the Office of the Comptroller. After the agency proposed a rule requiring banks to consider climate-related financial risks, Legacy Fund executives sent a memo to Mr. Kreifels and Mr. Oakes outlining their disagreement. Within weeks, dozens of Republican-led state treasurers and attorneys general submitted Comments objected to the proposed rule.

“This particular concern and attention to climate-related risks is irrational,” one comment said.

And in May, Mr. Kreifels hosted a meeting with treasurers to discuss rules proposed by the Securities and Exchange Commission that would require companies to publicly disclose climate risk information to investors. The invited guest was a representative of the American Petroleum Institute, the lobbying arm of the fossil fuel industry.

The following month, the Public Financial Officers Foundation sent a 20-page letter signed by more than a dozen treasurers, calling the SEC’s proposed rule, which has yet to go into effect, “an irrational climate exception that raises climate issues to a prominent place in the disclosure they don’t deserve.”

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