Amid high gas prices, woke lawmakers press the Federal Reserve to require ‘financial institutions to stop fossil fuel financing’

News & Politics

Even as Americans endure the financial burden of high gas prices, a group of Democratic lawmakers is pushing climate alarmism by pressing the Fed to require financial institutions to cease fossil fuel financing.

“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 reduce fossil fuel-financed emissions in line with science-based climate targets,” the legislators declared in their letter to Federal Reserve System board of governors chair Jerome Powell.

“Although banks are already claiming to support reducing financed emissions, even achieving net-zero emissions by 2050, they continue to finance the fossil fuel industry to the tune of hundreds of billions of dollars annually,” the letter states.

“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 stop fossil fuel financing,” the letter declares.

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The 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 Reps. Ayanna Pressley of Massachusetts, Rashida Tlaib of Michigan, Alexandria Ocasio-Cortez of New York, Barbara Lee of California, and André Carson of Indiana.

“Climate change is real and climate risk is here. That’s why @SenMarkey & I are leading a call for the @FederalReserve to address the financial risks of climate change and require financial institutions to stop fossil fuel financing,” Pressley tweeted.

The AAA national average price for a gallon of regular gas was $3.881 as of September 18.

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