Previewing Climate Risk Fight, Democrats Slam Draft Treasury Rule

Congressional Democrats are blasting a proposed Treasury Department rule arguing it will prevent banks and financial institutions from assessing climate risks when making lending decisions, setting the stage for what could be a partisan fight as the incoming Biden administration appears likely to reverse or block the rule. “In making it more difficult for banks to establish risk-based policies prohibiting lending to certain lines of business, this proposal will create a chilling effect that will dissuade banks from implementing prudent...