October 21, 2021

Toomey Statement on FSOC Report on Global Warming

Ranking Member Says Real Risk is Unelected, Unaccountable Financial Regulators Misusing Their Powers

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Financial Stability Oversight Council (FSOC) issued its report on global warming.

“I have yet to see any evidence to support FSOC’s audacious claim that global warming is a legitimate threat to bring down the entire global financial system. The real risk here is of a political nature. This could open the door to unelected, unaccountable financial regulators misusing their powers to choke off capital to energy companies and weaken the economy. As Europeans can tell us, such regulatory overreach causes brownouts, higher electric bills for consumers and manufacturers, and a standard of living that will be lower than it otherwise would.

“If the Biden administration thinks it can change the Earth’s temperature, it should ask Congress—which is accountable to the American people—to change our laws. Continuing down a path of misusing financial regulation to achieve liberal policy objectives sets a very dangerous precedent.”