“The Federal Reserve’s role is not to surrender our planet to corporate polluters and shepherd our financial system to its destruction,” said Rep. Rashida Tlaib, among the Democrats urging the Fed to end fossil fuel financing.
By Kenny Stancil, staff writer for Common Dreams. Published 9-15-2021
The Marathon Oil refinery in St. Paul Park, MN. Photo: Tony Webster/Wikimedia/CC
Progressives on Wednesday applauded Democratic Reps. Mondaire Jones, Ayanna Pressley, and Rashida Tlaib for unveiling a bill that would prevent Wall Street from continuing to bankroll fossil fuels, the primary driver of the climate emergency.
The Fossil Free Finance Act (pdf) would require the Federal Reserve to mandate, via regulation or guidance, that all banks and other financial insitutions with more than $50 billion in assets phase out the funding of coal, oil, and gas extraction as well as industries linked to deforestation, in accordance with science-based targets for slashing carbon pollution. Continue reading