• Democrats have increasingly pushed their expansive climate agenda through the financial sector and legal system as Congress has failed to implement Green New Deal reforms.
• “Congress is really unwilling to impose much in the way of costs and to address climate change,” David Kreutzer, the senior economist at the Institute for Energy Research, told the Daily Caller News Foundation in an interview. “Frustrated by that, people in Washington want to use non-legislative ways to impose these costs and raise the price of energy-intensive goods and energy in general.”
• The Securities and Exchange Commission proposed a sweeping set of rules Monday that would require companies to disclose their carbon emissions and how they were planning to transition away from fossil fuel reliance, the latest example of the sustainable investing movement.
• “This is just an attempt by the left to use the business community, the finance sector, companies … to accomplish with other people’s money, what they can’t accomplish at the ballot box,” Andy Puzder, the former CEO of CKE Restaurants and a visiting fellow at the Heritage Foundation, told the DCNF in an interview

Democrats, banks, regulators, and activists have increasingly set their sights on the financial sector and legal system, not Congress, for pushing their aggressive climate agenda.

In the latest example of the ESG and sustainable investing movement, the Democratic-majority U.S. Securities and Exchange Commission (SEC) proposed a sweeping set of rules Monday that would require publicly-traded companies to disclose their carbon emissions and how they were planning to transition away from fossil fuel reliance. Senate Banking Committee Ranking Member Pat Toomey was one of many lawmakers to immediately slam the proposal, saying it “hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC.”

“Congress is really unwilling to impose much in the way of costs and to address climate change,” David Kreutzer, the senior economist at the Institute for Energy Research, told the Daily Caller News Foundation in an interview. “Frustrated by that, people in Washington want to use non-legislative ways to impose these costs and raise the price of energy-intensive goods and energy in general.”

“One of the ways that they’re doing it — it’s like an all fronts attack — is under the guise of environmental, social, and governance investments,” he added. (RELATED: New York To Divest Pensions From Fossil Fuel Companies)

Regulators have also targeted Americans’ pensions. In October, the Department of Labor (DOL), which is tasked with regulating private sector pensions under the 1974 Employee Retirement Income Security Act, reversed a Trump-era rule that placed barriers to fiduciaries’ ability to consider ESG factors when selecting investments.

Similar to the SEC proposal Monday, the DOL rule stated that “climate change and other ESG factors can be financially material” for investors. (RELATED: Biden’s Green Transition May Usher In More Energy Insecurity. Here’s How)

“The primary purpose of fiduciaries is to look out for the wellbeing of the pensioners who contribute to these funds,” Pat Pizzella, the former deputy secretary of labor during the Trump administration, told the DCNF. “Not to speculate on risky or trendy, expensive ESG products. I think their priorities are a little misplaced.”

He added that the Trump administration’s view was to look at ESG investing from a legal point of view. Pizzella predicted that individuals with pensions managed by fiduciaries that invest in risky ESG-focused companies or funds would eventually take the institutions to court….

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Continue reading this article at Daily Caller and is reprinted with permission.