Washington D.C. – Today, U.S. Senator Cynthia Lummis (R-WY) questioned Federal Reserve Governor Lael Brainard during her confirmation hearing to serve as Vice Chair of the Board of Governors. Senator Lummis asked Governor Brainard about multiple priorities for the state of Wyoming, including potential climate change regulations for community banks that lend to energy companies.
The Board of Governors is the central governing body of the Federal Reserve and implements monetary policy and bank regulation in the U.S.
In response to Senator Lummis’s questioning, Governor Brainard stated that she would not seek to impose climate regulations on community banks, finding they were not appropriate.
“People across Wyoming are struggling due to rampant inflation and endless efforts by this administration to undercut the energy industry, which employs our residents and provides cheap, reliable energy,” Senator Lummis said. “Wyoming powers the nation. I sincerely hope Governor Brainard recognizes the burden climate change regulations could impose on Wyoming’s community banks and energy industry.”
Progressive activists in the Biden administration want federal regulatory agencies to force community banks to stop lending money to energy companies and other industries that the Biden administration dislikes. Community banks are the cornerstones of towns around Wyoming, and policies like this would have a damaging impact on Wyoming’s energy industry.
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