Republicans accuse Kerry of pressuring banks to discriminate against fossil fuel companies

Congressional Republicans are accusing former Secretary of State John Kerry, the White House’s special envoy for climate, of coercing financial institutions into discriminating against fossil fuel companies. Twelve Republicans on the Senate Banking Committee, led by ranking member Pat Toomey of Pennsylvania, sent a letter to the Biden White House on Wednesday raising concerns that Mr. Kerry is “pressuring banks to make extralegal commitments.” A similar letter was sent to Mr. Kerry by 45 House Republicans organized by Rep. Andy Barr of Kentucky. In their letter, the lawmakers explicitly accused the former secretary of state of “politicizing access to capital” by urging banks to curtail loans to the oil and natural gas industries. “Putting your thumb on the scale in an attempt to force a transition away from fossil energy that is not supported by the market trends, guided by purely political motives, has the potential to destabilize U.S. energy security and raise prices for consumers,” the House Republicans wrote. The letters come as Mr. Kerry has embraced his new role as President Biden’s international climate czar. Most notably, the former secretary of state has been traveling the globe, urging governments and the private sector to abandon fossil fuels...MORE