Even as Americans endure the financial burden of high gas prices, a group of Democratic lawmakers are pushing climate action by pressing the Federal Reserve to require financial institutions to stop financing fossil fuel. In a letter to the Federal Reserve System board of governors, Jerome Powell, legislators declared,
“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 letter further stated, “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.”
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. pic.twitter.com/JobPlryhdC
— Congresswoman Ayanna Pressley (@RepPressley) September 18, 2023
Supporting legislators include Sen. Ed Markey ( D-MA), Sen. Martin Heinrich (D-NM), Sen. Bernie Sanders (D-VT), Sen. Elizabeth Warren (D-MA), Sen. Brian Schatz (D-HI), and Sen. Jeff Merkley (D-OR), as well as Rep. Ayanna Pressley (D-MA), Rep. Rashida Tlaib (D-MI), Rep. Alexandria Ocasio-Cortez (D-NY), Barbara Lee (D-CA), and Rep. André Carson (D-IN).
These lawmakers argue that despite claims by banks to support emissions reduction and achieve net-zero emissions by 2050, they persist in funneling vast sums — hundreds of billions of dollars annually — into the fossil fuel industry.
“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.
As Americans struggle with the ever-rising costs of gasoline, Democratic legislators are intensifying their efforts to combat “climate change” by urging the Federal Reserve to take decisive action on fossil fuel financing.
In a time when rising gas prices are a tangible concern for Americans, the focus on climate action from these Democratic lawmakers highlights the delusion of the radical left to the real and tangible threats facing most citizens, which happens to be inflation, not climate change.