Little-known California climate rule could drive banks out of the state, feds warn

Source: New York Post

President Donald Trump’s administration told California regulators Thursday that woke state laws forcing businesses to detail their carbon emissions should not apply to banks — or consumers could face stiff consequences. The Office of the Comptroller of the Currency, under the US Treasury Department, sent a warning to the California Air Resources Board over two first-in-the-nation climate reporting laws passed in 2023 over the objections of many corporations. The disclosure laws “are likely to decrease competition, drive up prices, and reduce Californians’ access to financial services, all of which will harm residents and main street businesses,” the letter read.