I’m a constituent who is deeply worried about our climate emergency. I know that Senators Ed Markey and Jeff Merkley just introduced the Fossil Free Finance Act in the Senate which would require the Federal Reserve to hold big banks accountable for financing fossil fuels.
The Fossil Free Finance Act was also introduced in the House of Representatives in September by Congressman Mondaire Jones, Congresswoman Rashida Tlaib (MI-13), and Congresswoman Ayanna Pressley (MA-07).
In the last 5 years, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion. Under this legislation, big banks would be required to align their financing with science-based emission targets and our obligations under the Paris Climate Agreement.
One more thing: US banks are the top fossil fuel funders of climate chaos. The Fed can and should step in and steer us off fossil fuels fast. They have a responsibility to protect our economy, including protecting our communities from climate catastrophe.
As your constituent, I'm urging you to join your colleagues and co-sponsor the Fossil Free Finance Act. Thanks.
