Staff Reports
Rashida Tlaib, a member of the House of Representatives, demanded Wednesday that the heads of the country's biggest banks stop funding fossil fuel companies. However, she received more than she expected from JPMorgan Chase's CEO, Jamie Dimon.
During a hearing of the House Financial Services Committee, Tlaib demanded that the heads of the country's biggest banks make a statement against fossil fuels. The companies that participated in the hearing were JPMorgan Chase & Co., U.S. Bancorp, Citigroup, Bank of America, and Truist Financial.
As part of their efforts to cut down on their emissions, the banks have committed to align their activities with the goals of the Paris Climate Agreement, which aims to limit global temperature rise to 2 degrees Celsius or 1.5 degrees Celsius. According to the International Energy Agency, new fossil fuel production should stop by 2050.
In response to a question, Tlaib asked the heads of the banks if their company has a policy against funding new fossil fuel projects.
The first executive she asked, JPMorgan Chase's CEO, Jamie, made it clear that he was not going to engage in far-left games. He said that funding fossil fuel projects would be detrimental to the country.
Tlaib then went on to praise President Joe Biden's policies, and she suggested that people who have benefitted from them stop doing business with the bank of JPMorgan Chase.
Tlaib stated that people who have received relief from student loan debt should close their accounts with the bank. She also criticized the actions of the banks, noting that they were not helping those who were in debt.
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
The executives of the banks, including those from Bank of America, Wells Fargo, and Citigroup, stated that they would continue working with companies that are involved in the production and use of fossil fuels. Tlaib then went back to criticizing the actions of JPMorgan Chase's CEO.
She also went on to criticize the actions of the banks' executives, saying that they did not care about the issues faced by the working-class communities that she represents. She noted that there were high rates of respiratory and asthma issues in her communities.
Contrary to what Tlaib said, working with companies that are involved in the production and use of fossil fuels is not only beneficial for the environment, it also requires them to make significant investments in clean energy. These companies are already making these investments due to the financial benefits that they will receive from the development of clean energy sources.
