U.S. Senator Cynthia Lummis (R-WY) and her fellow Republicans on the Senate Banking committee sent a letter to Treasury Secretary Janet Yellen calling on the Biden administration to pause all financial regulatory efforts targeting Wyoming and America’s energy industry.
“The Russian invasion of Ukraine has revealed the dangers of American dependence on Russian energy,” Senator Lummis said. “My colleagues and I have called out President Biden’s predatory financial regulations that are preventing American energy security. These regulations are strangling energy producers in Wyoming, and the consequences are being paid at the pump.”
As a result of our current high oil and gas prices, the Biden administration has proposed easing sanctions on hostile oil nations run by brutal dictators, including Russian ally Venezuela. Meanwhile, states like Wyoming have the capability and means to produce American energy to offset ever-increasing costs. The senators specifically called on President Biden and Treasury Secretary Yellen to instruct federal financial regulatory agencies to delay all regulatory initiatives related to the environment until the Biden administration develops a detailed plan to protect America’s energy security. This request comes as reports indicate the Securities and Exchange Commission (SEC) plans to propose its climate risk rule as early as next week. This rule would require U.S. listed companies to provide investors with disclosures on how climate change could affect their business.
Read the full letter here: https://www.banking.senate.gov