President Joe Biden (D) wants to make climate change a matter of government regulation in our nation’s financial sector.
Calling climate change a systemic risk to the financial system, the White House will release a report Friday outlining its strategy for new rules that could affect investment disclosures, insurance policies and home loans.
[T]he US needs “a road map for measuring, disclosing, managing, and mitigating climate-related financial risk across the economy.”
No. To the extent global warming (let’s stop hiding behind euphemisms) is a risk to our nation’s financial system, it’s a risk best handled by those who are actually expert in handling risk and the impact of risk to us citizens: our financial institutions operating in a free market, and us citizens making our own decisions regarding the risks each of us individually choose to run or not run and the impact of those risks on our individual lives.
Government can only make one-size-fits-all moves, whether nationally or regionally—it cannot tailor its moves down to the level of individual businesses, much less down to the individual.
Gina McCarthy, White House National Climate Advisor, rationalized:
This road map isn’t about protecting our financial system. It’s about protecting people, their paychecks, and their prosperity[.]
Again, no. This “road map” has nothing to do with that. In the first place, we don’t need protection beyond what we can, and should, do for ourselves in a free market. In the second place, it isn’t Government’s role to protect us from the vagaries of free markets; Government’s role is only to provide a stable economic environment in which our free market can operate. Government does that best with minimal regulation, minimal intrusion, into our markets.