Wall Street Fatcats Reject Congresswoman's Call to Stop Financing Fossil Fuels
Tlaib points to carbon emissions as well as asthma, other ailments
The chiefs of several major US banks spurned the call by a progressive Democratic congresswoman to stop funding the development of the fossil fuels which cause global climate change and other serious health problems.
Rep Rashida Tlaib made her request Wednesday at a hearing of the House Oversight and Government Reform Committee, in which several titans of the finance industry were testifying.
“Okay. Well, I hope you got good lawyers. Do you know — you have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net zero [greenhouse gas emissions] in 2050,” the Michigan Democrat told the financial fatcats. “Do you know what the International Energy Agency has said is required to meet our global 2050 net zero targets of limiting global temperature rise to 2.7 degrees Fahrenheit, or 1.5 degrees Celsius? So, no new fossil fuel production starting today, so, that’s like zero.
“I would like to ask all of you, we can go down the list — because, again, you all agreed to doing this. Please answer with a simple ‘yes’ or ‘no,’ does your bank have a policy against funding new oil and gas products? Mr. Dimon?”
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase, was fairly forceful in his reply.
“Absolutely not. And that would be the road to hell for America,” he said.
Tlaib criticized Dimon.
“Yeah, that’s fine. That’s fine. Sir, you know what? Everybody that got relief from student loans, has a bank account with your bank, should probably take out their account and close their account,” she said. “The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it. Ms. Fraser, how about you?”
Citigroup's Jane Fraser was less confrontational, but she too, said that her bank would continue supporting oil and natural gas.
“We will continue to invest in and support clients who invest in fossil fuels and in helping them transition to cleaner energies,” she said.
Bank of America's Brian Moynihan, too, attempted a diplomatic approach, without agreeing with Tlaib.
“We are helping our clients make a transition, and that means we’re lending to both oil and gas companies, and to new energy companies, and helping monitor the course towards the standards you’re talking about,” he said.
Wells Fargo's Charles Scharf was least responsive, when he said, “Excuse me — the same thing as Mr. Moynihan said.”
Tlaib castigated the witnesses.
“Yeah, I’m not going to ask you, Mr. Dimon, because you obviously don’t care about working class people and frontline communities like ours that are facing huge amounts of high rates of asthma, respiratory issues and so much more,” she said. “Cancer rates are so high among my communities that I represent. So I’m not going to even ask if you’re committing to ending financing of new oil and gas projects.
“But, Ms. Fraser, Mr. Moynihan, Mr. Scharf, we are living through a climate crisis today. And the commitment to net zero requires a commitment to ending fossil fuel financing. It is important because I want you all to know, at the end, we’re going to pay the cost of the public health impact,” Tlaib added. “These are people that you’re supposed to be serving, the folks that you’re supposed to be providing and supporting in communities. Anything else defies all logic and scientific evidence at our disposal.”
Please consider supporting our work by joining our Patreon for as little as $5…
Also, please subscribe…