WASHINGTON – U.S. Senator Roger Wicker, R-Miss., joined his colleagues in a letter blasting President Biden and his administration for forcing their radical environmental, social, and governance (ESG) policies on the American economy. The letter highlights multiple actions taken by financial regulators that threaten to choke off certain industries’ access to capital, resulting in higher costs at a time of historic inflation. The senators were led by Minority Whip John Thune, R-S.D.
“All of these actions have real-world impacts that your administration would be well served to evaluate,” the senators wrote.
“For instance, establishing rules, strategic plans, and principles to coerce financial institutions and other firms to limit their lending and exposure to certain businesses drives up prices on consumers. Choking off access to capital for companies in the energy sector in an attempt to decimate the fossil fuels industry drives up the cost of fuel and electricity at a time of record costs, further stoking inflation. Discouraging lending to farming and ranching communities in an attempt to reduce natural livestock emissions strains supply chains and increases the cost of food. Therefore, it would be prudent for your administration to actually take the time to evaluate the costs its actions are directly and indirectly imposing on American businesses and families, as well as conduct the necessary analysis as required by the Regulatory Flexibility Act.”
“As our nation continues to grapple with record-high inflation, administrative actions that increase prices should be the last thing on your agenda.”
In addition to Wicker and Thune, the letter was signed by U.S. Senators John Barrasso, R-Wyo., Marsha Blackburn, R-Tenn., Mike Braun, R-Ind., Shelley Moore Capito, R-W.Va., Kevin Cramer, R-N.D., Ted Cruz, R-Texas, John Hoeven, R-N.D., Chuck Grassley, R-Iowa, Ron Johnson, R-Wis., and Cynthia Lummis, R-Wyo.
The full letter can be found here.