Nebraska Panhandle News

U.S. Senators Pete Ricketts and Bill Hagerty have addressed a letter to Treasury Secretary Janet Yellen and other officials within the Biden-Harris administration, urging them to protect American economic interests from what they describe as European Union regulatory overreach. The letter highlights concerns about the EU's recently adopted Corporate Sustainability Due Diligence Directive (CSDDD), which mandates compliance from U.S. businesses with European policies under threat of penalties.

The senators expressed apprehension about the directive's implications, including potential impacts on supply chains, litigation risks, and climate transition requirements deemed unfeasible. They stated: "The CSDDD’s extraterritorial scope amounts to a serious breach of U.S. sovereignty and a direct threat to the global competitiveness of American companies."

Ricketts and Hagerty further criticized the EU for attempting to offset its regulatory burdens by imposing them on American businesses. "Any policies impacting U.S. businesses should be debated and determined by the elected representatives of the American people, not overseas bureaucrats advancing their own agendas," they wrote.

Sixty-four additional members of Congress co-signed the letter, emphasizing collective concern over what they perceive as an encroachment on U.S. sovereignty and business autonomy.

The letter underscores a broader critique of EU regulations, citing statistics that highlight slower economic growth in the Eurozone compared to the United States over recent years. It calls for active engagement from U.S. officials with their European counterparts to address these issues.

Despite testimony acknowledging these concerns before the House Financial Services Committee, there has been little indication of an effective strategy from the Biden-Harris administration in response to CSDDD, according to Ricketts and Hagerty.

The full text of their letter includes a call for delaying or modifying CSDDD's implementation through dialogue with European authorities, aiming to preserve both U.S. sovereignty and economic competitiveness.