Democrats Want Mandate To Stop Banks From Funding Oil & Gas After 2030

Several progressive House Democrats introduced this week a bill seeking to mandate the Fed to ban banks from funding all fossil fuel projects after 2030, and require the systemically important large banks to align emissions financing with U.S obligations under the Paris Climate Agreement. Congressman Mondaire Jones (D-NY), Congresswoman Ayanna Pressley (D-MA), and Congresswoman Rashida Tlaib (D-MI) introduced the so-called Fossil Free Finance Act, which would require the Federal Reserve to mandate that all bank holding companies with more than…