Banking industry leaders clashed with Representative Rashida Tlaib, D-Michigan, Wednesday, after he demanded that they commit to an immediate end to all funding for all fossil fuel products.
Jamie Dimon, CEO of JP Morgan, told the far-left representative that her request would lead to despair and ruin.
“You have all committed, as you all know, to shift emissions from lending and investment activities to line the tracks to net zero in 2050…so there is no new production of fossil fuels, starting today, so that’s like zero. I would all ask and get off on the list, because you have all agreed to do so. Please answer yes or no, does your bank have a policy against financing new oil and gas products, Mr. Diamond?” asked Tlaib.
“Certainly not,” Damon replied, “and that would be the road to hell for America.”
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A student replied, “Yes, that’s fine. It’s okay.” “Sir, you know what, everyone who got student loan forgiveness [that] He has a bank account with your bank, he’ll probably withdraw his account and close his account.”
She continued, “The fact that you’re not even there to help relieve so many heavily indebted, severely indebted people because of student loan debt, and you’re there criticizing that.”
Taleb proceeded to ask the other bankers about their position, and they all replied that they would continue to invest in oil and gas as well as alternative energy projects.
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“We will continue to invest in and support customers who invest in fossil fuels and help them transition to cleaner energies,” said Jane Fraser, CEO of Citigroup.
Brian Moynihan, CEO of Bank of America, echoed Fraser.
“We help our customers make a transformation, and that means we lend to both oil and gas companies and new energy companies and we help monitor their path toward the standards you speak of,” he said.
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Critics of the environmental policies advocated by Talib argue that these policies have already reduced funding for fossil fuel projects, exacerbating the energy shortages seen in Europe since Russia’s invasion of Ukraine earlier this year. American financier Kyle Bass, for example, has argued that the transition from fossil fuels to alternative energy should not be rushed.
“These transitions take forty years, Joe. The transition from coal to natural gas took forty years. It takes a very, very, very long time. We can’t switch the switch,” he told CNBC in an interview last month.
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