BLOOMBERG • July 30, 2023
In the face of fires, record heat, floods and other extreme weather events across the country, House Republicans are using much of July to oppose financial transparency related to climate risks and to attack investor freedoms. Their reckless course endangers not just the planet but also the financial stability of Americans’ retirement savings and pensions. One Republican went so far as to say consideration of climate risk by asset managers is “Satan’s plan.” Asset managers have a fiduciary duty to their clients. It is irresponsible and dangerous for public officials to dictate which investments they must favor. Financial professionals must be able to factor in the huge risks of extreme weather events, and ordinary Americans cannot afford to have climate deniers gamble with their life savings. ~ Brian Frosh, former attorney general of Maryland