As Americans suffer the financial burden of high gas prices, a group of Democratic lawmakers is pushing climate alarmism by pushing the Fed to require financial institutions to stop financing fossil fuels.
“To protect the stability of the U.S. financial system, the Federal Reserve must thoroughly understand and address climate risks and ensure that the financial institutions it oversees do the same, including by requiring them to manage emissions financed by fossil fuels in line with “To reduce scientific findings.” Climate goals,” explained the legislators in their letter to Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell.
“Despite already claiming to support reducing financed emissions and even achieving net-zero emissions by 2050, banks continue to finance the fossil fuel industry to the tune of hundreds of billions of dollars per year,” the letter said.
“The climate crisis is already placing a heavy financial burden on Americans and the U.S. economy. The Federal Reserve must take the necessary steps to protect the stability of the financial system by fully understanding climate risks and requiring financial institutions to provide financing “Stop fossil fuels,” the letter says.
Democrats who signed the letter include Sens. Ed Markey of Massachusetts, Martin Heinrich of New Mexico, Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts, Brian Schatz of Hawaii and Jeff Merkley of Oregon, as well as Rep. Ayanna Pressley of Massachusetts , Rashida Tlaib from Michigan, Alexandria Ocasio-Cortez from New York, Barbara Lee from California and André Carson from Indiana.
“Climate change is real and climate risk exists. That’s why @SenMarkey and I are calling for the @FederalReserve to address the financial risks of climate change and require financial institutions to stop financing fossil fuels,” Pressley said tweeted.
The AAA The national average price for a gallon of regular gas was $3,881 as of Sept. 18.
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