‘All-out government attack’: Biden admin arms financial regulators to strangle fossil fuels

The Treasury Department’s Office of Financial Research on Thursday launched a digital platform that will help financial regulators mitigate the risks of climate change; however, experts say the action bolsters the Biden administration’s ability to advance its climate agenda.

The pilot program will provide data, as well as computing and software tools, to help federal regulators and policymakers better see the links between climate change and its impact on the financial system, according to a press release Thursday. Data from the platform will be used by regulators and policymakers to link finance to climate change and streamline their legal process, which could lead the government to crack down on fossil fuel investments, experts say. (RELATED: Democrats plan to shell out nearly $80 billion to supersize the IRS)

“These trends have no impact on corporate finance,” David Kreutzer, senior economist at the Institute for Energy Research, a nonprofit that studies government energy regulation, told the Daily Caller. NewsFoundation. “It’s another part of the administration’s all-out government attack on conventional power generation, which can only add to our already high prices.”

The platform’s tools will help officials examine economic risks from wildfires, deteriorating crop conditions, rainfall and other issues the Treasury Department attributes to climate change. However, experts say the Treasury Department lacks the scientific acumen needed to properly assess these risks and question whether climate trends should be factored into financial regulations.

“They don’t have any expertise in climate science and that’s deeply problematic,” David Burton, senior fellow at The Heritage Foundation, a conservative think tank, told DCNF.

The Financial Stability Oversight Council (FSOC) initially recognized climate change as an emerging threat to U.S. economic stability in a 2021 report. FSCO’s report devoted an entire chapter to methods for collecting climate change. data, indicating that stakeholders needed more information to accurately determine how climate was affecting the financial system.

WASHINGTON, DC – JULY 28: Treasury Secretary Janet Yellen delivers remarks during a press conference at the Treasury Department on July 28, 2022 in Washington, DC. Secretary Yellen discussed the state of the U.S. economy highlighting the U.S. economic recovery in the wake of the COVID-19 pandemic while discussing measures policymakers are implementing to rein in record inflation and the economic downturn. (Photo by Win McNamee/Getty Images)

The council’s decision comes amid attempts by the Biden administration to achieve its bold climate and “environmental justice” goals, using a wide range of government agencies to implement its agenda.

For example, the US Department of Labor has also proposed regulations in 2021 that would encourage pension fund managers to consider climate change when investing workers’ money. More recently, the Securities and Exchange Commission (SEC) in March proposed climate disclosure regulations that would require private companies to report carbon emissions data to the agency.

“This is part of a whole-of-government effort to impose climate change-related rules on finances across nearly every government agency,” Burton said.

Access to the platform will initially be limited to the Federal Reserve Board of Governors (FRB) and the Federal Reserve Bank of New York (FRBNY), with the goal of expanding access to all FSOC agencies. However, no timeline was provided on when the resource would be made more widely available.

The US Treasury Department did not immediately respond to DCNF’s request for comment.

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