June 05, 2023

Scott, Comer Demand Answers as the Biden Administration Coordinates with EU on Progressive Climate Agenda

Washington, D.C. – The Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Scott (R-S.C.), and the Chairman of the House Committee on Oversight and Accountability, James Comer (R-Ky.-01), are demanding answers from the Biden administration about its role in facilitating the European Union’s (E.U.) efforts to impose its progressive climate agenda on American companies. In letters to the Department of the Treasury and the Securities and Exchange Commission (SEC), the lawmakers rebuked the agencies for circumventing America’s elected representatives by purportedly coordinating with the E.U. to advance the international application of European climate-related disclosure policies, as well as labor and social justice initiatives. The Committee leaders emphasized that these policies would implement onerous requirements that would harm a broad range of U.S. businesses and weaken U.S. capital markets.

In their letters, the lawmakers demanded answers and records related to the agencies’ coordination with European regulatory authorities:

“Any such efforts to advance the E.U.’s ESG agenda over the interests of the U.S. and American companies would be an alarming development and a significant deviation from historical practices. Furthermore, shifting to an E.U.-style climate regulatory regime in the U.S. would materially and unnecessarily harm our nation’s oil and gas sector, agriculture sector, and our preeminent capital markets,” wrote Ranking Member Scott and Chairman Comer.

The lawmakers requested responses from the agencies by no later than June 19th.

Read the full letters here and here.