When you think of a prototypically corrupt U.S. Senator, you might think of Claude Rains’s portrayal of Joseph Paine in Mr. Smith Goes to Washington. But Senator Paine was beholden to a political machine, not an industry. Senator John Barrasso of Wyoming, on the other hand, is so in hock to the energy industry that he opposes any legislation whatsoever that would regulate climate changing emissions. He’s angry that the CIA is documenting evidence of climate change, and now he’s angry that the Securities Exchange Commission has told companies to “disclose information on climate-related risks and opportunities.”
“We ought to be talking about jobs, the economy and national security. The Securities and Exchange Commission is supposed to protect investors. They’re the people that completely missed Bernie Madoff,” added Barrasso, a leading Senate opponent of climate rules and legislation.
Of course, the SEC is protecting investors. For example, proposed cap and trade legislation could hurt some companies’ bottom lines. Investors deserve to know that. The same legislation could present unique opportunities for other companies. Investors deserve that information, too. But that is really beside the point. Senator Barrasso doesn’t like the SEC guidance because it encourages businesses to use less energy and to invest in alternative energy research and development. His top contributor is Foundation Coal, which is now merged with Alpha Natural Resources. Wyoming is a cheap state and Barrasso wasn’t seriously challenged in his 2008 election. But he still raised over $200,000 for his campaign from Oil, Gas, and Mining interests. Those interests own him.
Why would any senator want investors to have less information, or not want the CIA to convey intelligence they’ve learned about climate change, or want dirtier air and water? No one would want any of those things unless something was desperately wrong with them. In Barrasso’s case, it’s easy to diagnose the problem. In fact, the same is basically true for all Republican senators and at least a fifth of the Democrats.
