Washington, D.C.— Today, U.S. Representative Andy Barr (KY-06) secured the following commitments from major U.S. banks to benefit American energy producers and consumers, prioritize investor returns over social goals and hold China accountable:
- Rep. Barr asked: “In an event where there is a direct conflict between shareholders and non-owner stakeholders, will you prioritize shareholder interests?”
- All CEOs agreed to prioritize shareholder interests and investor return, despite multiple CEOs having signed onto the Business Roundtable’s Statement of Purpose for a corporation in 2019 that elevates stakeholders over shareholders.
- Rep. Barr asked: “Does anyone on the panel think it is a good idea to immediately cut off access to capital for fossil fuel businesses?”
- None of the CEOs stated this was the correct approach. American energy producers are under siege after the Biden Administration rejoined the Paris Climate Accords, canceled the Keystone XL Pipeline and ramped up onerous regulations since taking office.
- Rep. Barr asked: “Are any of you mandating the same environmental standards in your Chinese investments as you work with American companies to make environmental changes?”
- The CEOs of JP Morgan, Citibank, Bank of America and Goldman Sachs claimed their environmental policies are global.
“Today, America’s major bank CEOs made major commitments to the American people,” said Representative Barr, who is a senior Member of the Financial Services Committee. “They committed to prioritizing investor returns rather than satisfying a woke political agenda. They committed to preserving access to capital for energy producers so that household energy costs and prices at the pump don’t skyrocket.
“Finally, they affirmed that they will apply the same environmental standards to Chinese companies as American companies, so that U.S. firms are not at a competitive disadvantage,” Barr added. “I will be watching closely to ensure these commitments made today to the American people are honored by these banks.”