Fitzgerald Introduces Resolution to Repeal Federal Reserve’s Misguided Climate Principles

WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) released the following statement after introducing a resolution to repeal the Federal Reserve’s Climate-Related Financial Risk principles.

These principles state that any bank with more than $100 billion in assets should infuse climate risk considerations into all parts of their business, ranging from strategic planning and risk management to policies and procedures. 

“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,” said Rep. Fitzgerald. “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.” 

This resolution is a Congressional Review Act (CRA) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to “Principles for Climate-Related Financial Risk Management for Large Financial Institutions.”

###