GOP Senators Warn Biden Against De-Banking Energy Companies

Senate Republicans wrote a letter to Special Presidential Envoy for Climate John Kerry warning him to stop pressuring banks to make energy-related lending commitments.

Kerry last month privately asked U.S. banks to make climate-friendly lending commitments that would be announced at President Biden’s Earth Day summit, according to reports. Part of Republicans’ motivation in sending the letter was to send a message to banks: stop your own leftward political shift and end discrimination against otherwise-solvent fossil energy companies, a source familiar with the matter told FOX Business.

Biden and 40 other world leaders, including Chinese President Xi Jinping, will gather Thursday for a virtual conference where the U.S. president is expected to announce commitments to reduce greenhouse gas emissions by half before the end of the decade.

“We are concerned by reports you have been pressuring banks to make extralegal commitments regarding energy-related lending and investment activities,” wrote Ranking Member Sen. Pat Toomey of Pennsylvania and the other Republican members of the Senate Banking Committee.

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