The Biden administration’s plan to impose a slew of financial regulations in order to counter climate change would end up having little effect on reducing global temperatures. But the measures would be quite effective at hurting the U.S. economy, expanding government authority, and moving the country toward totalitarianism, according to several experts.
President Joe Biden’s plan, sketched out in a recent “roadmap” White House report, would infuse climate change projections into decisions across the financial industry (pdf). Applying for a mortgage or other loans? The bank would consider the “climate risk” of underwriting it. Taking out an insurance policy? “Climate risk” would play into your premium. Putting money into a pension or investment fund? The fund managers would be free to consider “climate risk” in deciding where to invest your money. Buying stocks on your own? Public companies would need to divert part of their attention to explaining any “climate risks” they face. Applying for a government contract? Prepare to justify your carbon footprint.
