Liz Doherty, liz.doherty@sierraclub.org
Washington, DC -- Today, news broke that a proposed Trump administration rule which tries to force banks to lend to fossil fuel companies, without regard to strategic or reputational risks, has been put on hold indefinitely.
Despite finalizing the rule just 10 days after the public comment period ended -- which saw more than 35,000 public comments -- the Trump administration failed to publish the rule in the Federal Register. Today, the Office of the Comptroller of the Currency (OCC) announced it would not move forward on the rule at least until President Biden’s pick for the next Comptroller is confirmed and can review it.
In response, Sierra Club financial advocacy senior campaign representative Ben Cushing released the following statement:
“The good news is this misguided and irresponsible attempt to prop up failing fossil fuel companies has been put on hold indefinitely. The even better news is that the next Comptroller of the Currency can throw it out for good and begin the real work of preventing U.S. banks from fueling the climate crisis and financial instability.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.