Despite Americans living paycheck-to-paycheck because of high inflation and gas prices, Democratic lawmakers are pushing their radical climate agenda by pressing the Federal Reserve to require financial institutions to eliminate any fossil fuel financing, as reported by the Blaze.
“To protect the stability of the U.S. financial system, the Federal Reserve must thoroughly understand and address climate risks and ensure that the financial institutions it oversees do the same, including by requiring them to reduce fossil fuel-financed emissions in line with science-based climate targets,” the Democratic legislators said in a letter.
“Although banks are already claiming to support reducing financed emissions, even achieving net-zero emissions by 2050, they continue to finance the fossil fuel industry to the tune of hundreds of billions of dollars annually,” the letter adds.
“The climate crisis is already placing a heavy financial burden on Americans and the U.S. economy. The Federal Reserve must take the necessary steps to protect the stability of the financial system by fully understanding climate risks and requiring financial institutions to stop fossil fuel financing,” it continued.
Sens. Ed Markey (D-MA), Martin Heinrich (D-NM), Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Brian Schatz (D-HA), and Jeff Merkley (D-OR) were among those who signed the letter, alongside Reps. Ayanna Pressley (D-MA), Rashida Talib (D-MI), Alexandria Ocasio-Cortez (D-NY), Barbara Lee (D-CA), and André Carson (D-IN).
“Climate change is real and climate risk is here. That’s why @SenMarkey & I are leading a call for the @FederalReserve to address the financial risks of climate change and require financial institutions to stop fossil fuel financing,” Pressley tweeted.
Climate change is real and climate risk is here.
That’s why @SenMarkey & I are leading a call for the @FederalReserve to address the financial risks of climate change and require financial institutions to stop fossil fuel financing. pic.twitter.com/JobPlryhdC
— Congresswoman Ayanna Pressley (@RepPressley) September 18, 2023
This climate alarmism comes as these same politicians, who want to eradicate fossil fuels, use the energy source in their everyday lives. The so-called “tree huggers,” like former President Barack Obama and John Kerry gave countless speeches about the dangers of fossil fuels and then proceeded to board a private jet, which, by their accounts, harms the environment.
Such a radical climatic ideology has led to higher gas prices under the Biden administration. As of Sept. 19, 2023, the national gas price in the U.S. is nearly four dollars per gallon, according to the American Automobile Association (AAA).