Fisher, financial management association rejects report that it could cut off funding to climate science
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By KEN BLEIERREFT and MICHAEL STONEWORTHA, AP New research by a financial management group says it has rejected an EPA proposal that would have cut off some funding to the research of climate change.
The research, conducted by the Financial Management Association of New York and sponsored by a major financial firm, says the proposal would have forced banks and other financial institutions to spend more on climate-related costs and risks.
It says banks would be required to offer additional financial services and services that are not subject to the EPA’s requirements, and that this would hurt the economy.
The proposal was put forth by the EPA and other agencies this month as part of a package of climate legislation that includes a plan to limit carbon emissions and to develop carbon credits to help pay for greenhouse gas reduction.
The EPA is expected to release a proposal next month that would direct the U.S. EPA to set a goal of limiting greenhouse gas emissions by 2030.
The agency is currently working to finalize its final rule on emissions reduction.
The final rule is expected this fall.
Fisher Financial says it was not consulted on the proposal and has not been made aware of any plans to cut off any funds.
The FMA also says the proposed rules would create an unfair playing field for banks, which would have to compete for funds.
The association says banks could receive less money than other financial firms because they could not be exempt from participating in the EPA regulations.
The association also said banks could face higher fees and taxes than other firms and that some would be forced to lower their lending standards or make other changes.
Finance Minister Richard Wynne said Friday that he would be looking into the proposal.
By KEN BLEIERREFT and MICHAEL STONEWORTHA, AP New research by a financial management group says it has rejected an EPA…
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