The Honorable Jason Isaac is the director of Life:Powered, an initiative of the Texas Public Policy Foundation.

The idea of a federal climate bank has been proposed for years, and the market has responded. Wall Street and global financial firms in the Climate Action 100+ are colluding to force companies they invest in to divest from fossil fuels, denying financing and investment unless energy businesses kowtow to arbitrary and expensive emissions reductions and to prop up these financial institutions’ massive investments in “green” energy that, without government subsidies, would otherwise fail. In reality, there already is a climate bank, making S. 283 redundant and unnecessary.

Testimony Before the U.S. Senate Committee on Environment and Public Works and Clean Air, Climate, and Nuclear Safety Subcommittee