This is huge, Jeanne.
Major news outlets like Bloomberg, Reuters, and The New York Times are talking about our new Fossil Free Federal Reserve campaign and publicly raising the question — should the Federal Reserve act on the climate crisis? You and I both know the answer — it is a resounding yes.
But here’s what financial leaders, politicians, and reporters don’t fully grasp. The “fix” for the climate crisis isn’t a “strong, stable economy.”1
The fix is having the Federal Reserve do its job by managing risk and using its legal authority to regulate how banks understand and contribute to climate risk.
That begins with replacing the current Federal Reserve Board Chair Jerome Powell with a new Chair who is committed to taking serious action on the climate crisis by ending the practice of banks purchasing billions of dollars in fossil fuel industry loans.2
Today, Federal Reserve officials and global financial leaders are gathering for the virtual Economic Policy Symposium to make important economic policy decisions.
And this is our chance, Jeanne, to build off of the momentum and make the climate movement’s demand widely known — President Biden must replace Jerome Powell and appoint a #FossilFreeFed Chair.
Under his leadership, Fed Chair Powell:
- Failed to implement climate-stress tests on banks;3
- Failed to update the Community Reinvestment Act to incorporate climate needs of low-income and Black, Indigenous, and People of Color communities;4
- Allowed fossil fuel companies to borrow billions of dollars from bond investors;5
- And much, much more.
It’s time for the United States to be a global climate leader and that begins with replacing Powell.
Our team is delivering petition signatures to the White House next week. So thank you for helping us reach our goal of 25,000 signatures.
In solidarity,
Brett Fleishman
Director of Fossil Finance Campaigns
350.org
1 – The New York Times
2 – Bailout Watch
3 – Axios
4 – Evergreen Action
5 – Bailout Watch
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350.org is a global movement that fights for a just and equitable world by stopping the fossil fuel industry from continuing to destroy our climate.