May 20, 2021

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.”