Banks Targeted as Whitehouse, Warren Lead Probe of Climate Rollback

The biggest US banks are the targets of an investigation initiated by Democratic Senators Sheldon Whitehouse and Elizabeth Warren into Wall Street’s retreat from its climate pledges.

The probe seeks to examine the extent to which banks have allegedly caved in to pressure from Republicans and fossil-fuel interests to abandon their fiduciary duty to manage the financial risks that stem from climate change, according to letters sent to the banks that were reviewed by Bloomberg.