“The Federal Reserve must enforce the Bank Holding Company Act and disallow Wall Street banks from controlling energy infrastructure, as it poses systemic risks,” said a Public Citizen campaigner.

By Jessica Corbett. Published 11-23-2023 by Common Dreams

Banking giant JPMorgan Chase has financial ties to a company that owns the pipeline suspected of leaking up to 1.1 million gallons of oil into the Gulf of Mexico—a situation that watchdogs say demonstrates the danger of such business relationships.

“JPMorgan’s control over a company involved in a massive oil spill in the Gulf of Mexico clearly illustrates the danger of banks owning energy companies,” Tyson Slocum, director of consumer watchdog Public Citizen’s Energy Program, declared Wednesday.

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