Democratic accounting forces the federation to protect it from fossil fuels

Three Progressive House Democrats have introduced a bill that would force the Federal Reserve to break banks if they do not reduce carbon emissions in line with the Paris climate agreement.

This fossil, known as the Fossil Free Financial Law, requires the federation to take unprecedented measures to dismantle banks that refuse to comply with oil, gas, stone and companies. The measure covers financial support for deforestation.

“For a long time, the Federal Reserve has not recognized climate change as a threat. “As climate disasters continue to grow and intensify, we will no longer be able to stop big banks and other financial institutions from investing in companies that exacerbate the crisis.” Math with Democratic representatives. Ayana PresleyDemocrats see carbon price in compromise: ‘Squad’ members call for bidding to close Line 3 in Minnesota – Companies want unpaid workers to pay extra. (Mass) and Rashida TalaibRashida Harby Tube Democrats call on Binden to close 3-line pipeline in Benin’s Minnesota Progressive Machin. (Mitch.), In the statement.

The bill is under increasing pressure President BidenNew Bays also easily beats the memory effort in California. A second high-ranking official left DHS within a week. Jerome Paul, chairman of the Liberal Federal Reserve, who is committed to using the central bank to fight climate change, will end his Republican term in February.

Under Paul, the federation formed and joined a number of committees focusing on climate-related financial risks, but it refused to include those concerns in its regulatory requirements. Paul urges federation to fight climate change

Progressives, however, are pushing for climate change to be a major financial responsibility for the federation.

When the big banks of our country banked the most filthy fossil fuel projects, our federal government looked the other way, aggravating the climate crisis and creating a massive, catastrophic economic collapse. That Must Change ” Presley, one of the many House Democrats, pushed Beiden to push Paul.

Under the law, banks with more than $ 50 billion in assets will have plans to reduce their carbon emissions by 50 percent by 2030 and by 100 percent by 2050. After 2022, it will complete new and expanded fossil fuel-related projects. Finish financing of all fossil fuel projects after 2030, and stop heating financing after 2024.

Banks that fail to comply with or comply with discharge plans approved by the federation may face severe penalties, including forced transfer of assets and loss of collateral from the Federal Deposit Insurance Corporation. Such penalties are seldom enforced, and only in cases of serious fraud, mismanagement, or other dangerous or illegal activity.

“Over the past five years, Federal Reserve-controlled financial institutions have provided trillions of direct fossil fuels – and each new project will take us to the brink. The role of the Federal Reserve is not to pollute our planet and protect our financial system. The role of the Federal Reserve is to take action. “In a statement, the Taliban said.

The calculation does not specify how much a bank should be financially responsible for carbon emissions, but it does require banks to enforce emissions through a variety of activities and services. Banks are not only responsible for reducing emissions from fossil fuels or distribution projects, but also for purchasing a company’s debt, writing off stock offers and other investment services.

The account will expand the power of the Financial Stability Control Panel, headed by the Secretary of the Treasury, to regulate non-bank financial institutions on climate-related legislation.

When President Biden and the Democrats take broad steps to curb carbon emissions, the chances of a free money law becoming a law are slim. Even if moderate Democrats support the bill in the House, the bill will be defeated by a Republican in the Senate.


Leave a Comment