The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Maybe that’s the point.
The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Maybe that’s the point.
From what I was able to ascertain it seems like the law still enables denial of service on risk based standards, which should enable banks the deny service to the criminal enterprises the Treasury fears.
Climate change is a national security risk in and of itself.
“the risk that international drug traffickers, transnational organized criminals, terrorists, and corrupt foreign officials will use the U.S. financial system to launder money, evade sanctions, and threaten our national security.”
Not that climate change doesn’t increase the propensity of events with national security implications. But given the Treasury’s examples I think the environmental policy aspects of the regulation aren’t their major concern. Their ire seems to be at individuals or groups committing acts that violate established law.