Waukesha Times

WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) released a statement announcing his resolution to repeal the Federal Reserve's Climate-Related Financial Risk principles. The principles require banks with over $100 billion in assets to incorporate climate risk considerations into various aspects of their operations.

In his statement, Rep. Fitzgerald criticized the Federal Reserve's initiative, stating, "Financial institutions have managed risks associated with severe weather events for hundreds of years now, so the Federal Reserve’s effort to infuse climate change into financial institutions is not only misguided, but unnecessary too."

Furthermore, Rep. Fitzgerald emphasized the importance of his resolution, describing it as a way to combat the influence of "leftist environmental groups and unaccountable bureaucrats" and to prevent the inclusion of Environmental, Social, and Governance (ESG) criteria in the banking system. He stated, “The resolution I’ve introduced is an important measure to push back on leftist environmental groups and unaccountable bureaucrats, and to keep ESG criteria out of the banking system.”

The resolution introduced by Rep. Fitzgerald falls under the Congressional Review Act (CRA) and allows for congressional disapproval of the rule submitted by the Board of Governors of the Federal Reserve System regarding "Principles for Climate-Related Financial Risk Management for Large Financial Institutions."