September 27, 2022


Like Ms. Omarova, Ms. Raskin withdrew her candidacy. “Sarah has been baselessly attacked by industry and conservative interest groups,” Mr. Biden said in a statement.

Treasurers also have their sights set on new federal rules and regulations aimed at strengthening the government’s ability to act on climate change.

Late last year, the State Financial Officers Foundation partnered with the Heritage Foundation to respond to recommendations from the Financial Stability Oversight Board, a government commission tasked with minimizing risk in the financial sector, on ways to reduce threats from climate change, records show. .

And soon after, Mr. Oaks, Utah’s treasurer, wrote a letter opposing a potential Labor Department rule that would allow pension plans to consider the risks of global warming in their investment strategy. Mr. Kreifels distributed the draft to the foundation’s members, and more than a dozen treasurers signed the final letter. The Department of Labor has not decided whether to implement the rule.

This year, the treasurers targeted the Office of the Comptroller of the Currency. After the agency proposed a rule requiring banks to consider climate-related financial risk, Heritage Foundation officials sent Mr. Kreifels and Mr. Oaks a memo outlining their opposition. Within weeks, dozens of state treasurers and attorneys general from Republican-led states filed comments objections to the proposed rule.

“This particular concern and attention to climate-related risks is absurd,” one comment said.

And in May, Mr. Kreifels held a call with treasurers to discuss regulations proposed by the Securities and Exchange Commission that would require companies to publicly disclose climate risks to investors. The featured guest was a representative of the American Petroleum Institute, the lobby of the fossil fuel industry.

The following month, the State Financial Officials Institute sent a 20-page letter signed by more than a dozen treasurers, calling the SEC’s proposed rule, which has yet to be enacted, “an absurd climate exception, elevating climate issues to a position of prominence in disclosures they do not deserve.”



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