In a letter to U.S. Division of the Treasury Secretary Janet Yellen, the senators wrote:
“We write to precise concern concerning the potential damaging results to nationwide safety from the unprecedented efforts of federal monetary companies to develop rules that some intend to make use of for limiting U.S. vitality producers’ entry to credit score and capital. Such actions would start to curtail the provision of home vitality, resulting in increased prices for American households and making our nation and allies extra weak to the results of Russian aggression. The financial toll, in addition to the destruction, casualties, and instability from Russia’s energy-based warfare are so important that we urge you to instantly pause the event of all climate- and energy-related rules throughout the Treasury Division and to induce all different federal monetary regulators to observe go well with.”
“Most significantly, these efforts by monetary regulators, coupled with the Russian invasion of Ukraine, jeopardize the necessity for vitality safety, each domestically and for our allies and buying and selling companions. Accordingly, we name on you and President Biden to instruct the federal monetary regulatory companies, together with FSOC, to delay any regulatory initiatives on local weather change and sustainability till the event of an in depth, complete plan by the administration on vitality safety that takes into consideration the risk to international vitality provides from Russia and related repressive regimes.”