Treasurer Dennis Milligan Joins National Coalition Targeting Federal Overreach
Climate-related policies negatively affect Arkansas energy producers, Milligan says
Feb. 15, 2022 (Little Rock, Ark.) – Treasurer of State Dennis Milligan is one of 39 state treasurers, auditors and attorneys general from around the country to speak out against the Biden administration’s federal overreach of banking institutions.
In a letter dated Feb. 14 and submitted to the Comptroller of the Currency, Milligan and his allies implored the Comptroller to vote against the “Principles for Climate-Related Financial Risk Management for Large Banks” policy. The policy unnecessarily targets financial institutions and would require them to assess a company’s “climate-related risks” as part of the protocol for lending, the letter states.
“We as policy makers must stand up to these adverse policies by the liberal left that do harm in the name of good,” Milligan said. “These policies will negatively affect reliable energy produced in Arkansas that supplies dependable and good-paying jobs to Arkansans, and I will do everything in my power to protect those jobs for our hardworking citizens.”
The letter reads, in part:
“Businesses that produce essential goods like electricity and other energy will find it more difficult to obtain credit. Americans who work for these businesses will suffer lost jobs. States that produce energy will also be adversely affected as OCC ‘principles’ are used by lenders against energy producers. Critical consumer goods will become more expensive. Home loans in regions allegedly exposed to climate risk may become harder to obtain. Banks will be encouraged to exclude areas of the economy.
“The potential adverse effects of these Proposed Principles on states, businesses, and consumers cannot be overstated. The OCC does not and cannot show that the Proposed Principles justify these likely immense costs or that they benefit more than a few activists and politicians.”
To read the letter in its entirety, please visit www.artreasury.gov.
Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $6 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $456 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.