On Wednesday, executives from the six major banks in the nation went before the House Financial Services Committee for its annual oversight hearing to cover topics like climate change and fossil fuels.
Now, Rep. Rashida Tlaib, a Michigan Democrat and member of the progressive “squad,” has a brilliant suggestion for promoting energy independence in the US: Why not put pressure on banks to stop supporting and investing in fossil fuels?
She had the opportunity to present this idea before a group of bank CEOs on Wednesday during a congressional session. Surprisingly, none of them smacked their foreheads at once and said, “Why didn’t I think of that?”
Jamie Dimon, CEO of JPMorgan Chase, aptly captured the reaction when he said that the plan will bring “hell for America.”
“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net-zero in 2050,” Tlaib said as she started her line of questioning.
“So, no new fossil fuel production, starting today, so that’s, like, zero. I would like to ask all of you and go down the list, ’cause again, you all have agreed to doing this.
Then: “Please answer with a simple ‘yes’ or ‘no.’ Does your bank have a policy against funding new oil and gas products? Mr. Dimon?”
However, JP Morgan Chase CEO Jamie Dimon humiliated her with his highly concise and on-point response.
“Absolutely not and that would be the road to Hell for America,” Dimon replied. Nine simple words that summed it up nicely.
But not to Tlaib, who proceeded to lose her cool and said that Americans had to quit doing business with Dimon’s bank. She chose to utilize Dimon’s prior statement that President Joe Biden’s student loan forgiveness scheme was “badly done” during the hearing against the JPMorgan Chase CEO:
“Yeah. That’s fine, that’s fine,” a snappish Tlaib responded.
“You know what? Everybody that got released from student loans that have a bank account with your bank should probably take out their account and close their account,” Tlaib said.
Rep. @RashidaTlaib challenges bank CEOs to agree to stop funding fossil fuels, is rejected by every single one
Jamie Dimon: “That would be the road to Hell for America” pic.twitter.com/U7yr6AbtyF
— Tom Elliott (@tomselliott) September 21, 2022
“I’m not going to ask you, Mr. Dimon, because you obviously don’t care about working-class people in frontline communities like ours that are facing huge amounts of high rates of asthma, respiratory issues, and so much more.” she stated as she resumed her tirade against him, “Cancer rates are so high among my communities that I represent. So I’m not going to ask if you’re committing to ending the financing of a new oil and gas project.”
They won’t have many options for where to store the money they withdraw unless they enjoy shoving it under their mattresses. None of the CEOs Tlaib questioned promised to quit backing fossil fuel projects right away, according to Fox Business.
“We will continue to invest in, and support clients who are investing in, fossil fuels and in helping them transition to cleaner energies,” said Jane Fraser, CEO of Citigroup.
“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 their course towards the standards you’re talking about,” said Bank of America CEO Brian Moynihan.
Sources: Dailywire, Patriotdetroit, Washingtonexaminer, Foxbusiness
Thomas Cooper