August 17, 2022


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

Treasurers also set their sights on new federal rules and regulations aimed at strengthening the government’s ability to act on climate change.

Late last year, the State Financial Officers Foundation worked with the Heritage Foundation to respond to proposals from the Financial Stability Oversight Board, a government committee tasked with reducing risks in the financial sector, on ways to reduce the threats posed by climate change, records show. .

Shortly thereafter, Utah’s treasurer Mr. Oaks penned a letter opposing a potential Labor Department rule that would allow retirement plans to consider global warming risks in their investment strategy. Mr. Krevels distributed the draft to the Foundation’s members, and more than a dozen trustees signed it last letter. The Department of Labor has not decided whether it will implement the rule.

This year, treasurers targeted the Office of the Comptroller of the Currency. After the agency proposed a rule requiring banks to consider climate-related financial risks, executives from the Heritage Foundation sent Mr. Crevels and Mr. Oakes a memo outlining their opposition. Within weeks, dozens of treasurers and attorneys general from Republican-led states had presented comments Objection to the proposed rule.

“This particular concern and concern for climate-related risks is illogical,” reads one comment.

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

The following month, the State Financial Officers Foundation sent out a 20-page page message It was signed off by more than a dozen treasurers, calling the SEC’s proposed rule, which has yet to be enacted, “irrational climate exceptionalism, which elevates climate issues to prominence in undeserved disclosures.”



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