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Senators Markey and Merkley Announce Legislation to Get Big Banks to Stop Financing Fossil Fuel Projects

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Legislation will require the country’s largest banks to better protect consumers and the climate from risk by winding down emissions-intensive financing  

 

Washington (November 4, 2021) – Senator Edward J. Markey (D-Mass), Chair of the Climate Change, Clean Air, and Nuclear Safety Subcommittee of the Environment and Public Works Committee, and Senator Jeff Merkley (D-Ore.) today introduced the Fossil Free Finance Act, legislation that would require the Federal Reserve (Fed) to mandate that major banks and other Systemically Important Financial Institutions (SIFIs) reduce and stop the financing of projects and activities that emit greenhouse gas emissions. The legislation requires the Fed and big banks to acknowledge and act on the threat that climate change poses to our financial system and the planet. The legislation specifically mandates that all bank holding companies with more than $50 billion in assets and all nonbank…

Click here for full article…www.markey.senate.gov