Gabby Brown, gabby.brown@sierraclub.org
Today, Congressman Mondaire Jones (D-NY), Congresswoman Ayanna Pressley (D-MA), and Congresswoman Rashida Tlaib (D-MI) introduced the Fossil Free Finance Act, legislation to require the Federal Reserve to mandate banks and other Systemically Important Financial Institutions align their financing of greenhouse gas emissions with science-based emissions targets. The Fossil Free Finance Act requires the Fed to acknowledge the existential threat climate change poses to the core tenants of its monetary policy and supervisory mandates and act to mitigate the financial stability threats of climate risk.
Sierra Club Fossil-Free Finance Campaign Manager Ben Cushing released the following statement:
"Wall Street banks have made it clear that, without strong federal oversight and regulation, they plan to continue pouring money into the fossil fuels that are driving the climate crisis and pushing us toward another financial crisis. The Federal Reserve has long failed to use its existing tools to adequately rein in Wall Street's risky fossil fuel investments. We applaud Representatives Jones, Tlaib, and Pressley for their leadership in pushing the Fed to do its job and protect our financial system from a climate-driven crash."
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.