Pub. 1 2021 Issue 6

8 | The Show-Me Banker Magazine Congressman Blaine Luetkemeyer Missouri’s 3rd Congressional District The overregulation, record-high inflation, supply chain interruptions, and potential tax increases are serious concerns that families, bankers, and policymakers alike must consider going into 2022. Despite all of that, the U.S. is still the best place on earth to do business. A VIEW FROM THE CAPITOL 2021 came with many changes: the pandemic and subsequent restrictions eased, businesses got back on their feet with the help of programs like PPP and the banks that participated and of course, our nation swore in a new President. With a new Administration usually comes a shift of ideology and rules of the road, and this was certainly no exception. Shortly after President Biden was sworn in, I sent a letter to his Administration urging them to avoid Obama-era policies that hinder businesses and get in the way of American progress. Unfortunately, President Biden not only ignored my advice, he doubled down on President Obama’s punitive policies. In many cases, the Biden Administration is using the financial services industry to advance its radical agenda. Treasury Secretary Yellen is seriously exploring the idea of requiring banks to include climate as a potential risk on their balance sheets. Recently, the FSOC released a report regarding what climate risk means for banks and the “emerging and increasing threat” climate change is posing to our country’s financial system. While Secretary Yellen has not publicly agreed to include climate scenarios as systemic factors, there is substantial pressure from the Left to include climate change. The notion that wildfires or flooding could potentially bring our financial system to its knees is outrageous, but it is a priority at the highest levels of the government. As you know all too well, banks have to focus on the creditworthiness of their borrowers, not the carbon footprint of their customers’ portfolios. Large, multinational institutions may have the resources to hire climate and greenhouse gas experts to help them comply and analyze climate risks, but forcing this on community banks would assure fewer small financial institutions across the country. One of the most recent — and most alarming — proposals from this Administration has been the IRS reporting