Extreme weather events cost Americans upwards of $150 billion annually, yet some lawmakers don’t want fiduciaries to consider long-term climate implications in investment decisions
FOR IMMEDIATE RELEASE: December 18, 2023
WASHINGTON, DC – Maryland Comptroller Brooke Lierman wrote an op-ed for the Baltimore Sun today raising concerns about a handful of pending federal policies that would block responsible investing.
Lierman serves as the vice chair of the board of Maryland’s State Retirement and Pension System, helping oversee $65 billion in assets.
“It is my responsibility to evaluate all information available and ensure that they get the highest returns possible,” Lierman writes. “As extreme weather events continue to intensify and our energy sources continue to transition away from fossil fuels, that means giving serious consideration to climate-related risks.”
Lierman references four bills pending in Congress that “seek to prevent fiduciaries from using all available information to make investment decisions.”
“This is a staggeringly bad idea,” Lierman adds. “Think about trying to drive your car with one eye closed. Sure, you might be able to see out of your other eye, but you’re only getting half the picture. By doing so, you’re opening up yourself and your passengers to unnecessary risk that is now outside of your field of vision. These bills would essentially do the same to financial decision-makers — and I doubt anyone wants the people in charge of their retirement savings flying blind.”
To read the full op-ed click HERE.
