U.S. Senator Kevin Cramer (R-ND), member of the United States Senate Committee on Banking, Housing, and Urban Affairs, contacted The Crude Life in response to the U.S. Securities and Exchange Commission (SEC) proposed rule on climate disclosure.
“The Biden Administration is hell-bent on regulating fossil fuels out of existence. Firstly, this authority – forcing publicly traded companies to disclose their risks from climate change – is not in the purview of the SEC. Congress never passed a new law granting them new authority in this space. Secondly, the new climate reporting requirements are arbitrary and confusing. It only serves to further discourage investment in domestic energy development and prevent American energy independence, a critical tool for peace especially in light of Vladimir Putin’s unprovoked and unwarranted war on Ukraine. I encourage North Dakotans to actively participate in the comment period and make our voices heard.”
Background:
Last week, Senator Cramer penned an op-ed in The Hill on the chilling effect of the Biden Administration’s radical financial nominees and hostility towards fossil fuels on the ability of America to become energy independent once again.
After reports indicated the SEC plans to propose its climate risk rule, Senator Cramer and his fellow Senate Banking Committee Republican colleagues called on President Biden and his Administration to pause all financial regulatory efforts targeting America’s energy security as Russia’s invasion of Ukraine highlights the problem with the United States and our allies buying Russian energy.
In June 2021, Senator Cramer also joined fellow Senate Banking Committee members on a letter urging the SEC Chair Gary Gensler and Commissioner Allison Herren Lee to reject any proposal to implement new global warming disclosures.
Senator Cramer has been a leader in the discussion about the overlap in banking and climate. As a part of his speaker series entitled “The Bully Pulpit”, the senator has hosted bank CEOs in North Dakota to discuss this. In September he hosted Goldman Sachs CEO David Solomon to participate in a town hall with North Dakota energy producers, and in November he hosted Bank of America CEO for town hall on climate solutions.
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