Jamie Dimon, CEO of J.P. Morgan Chase, strongly disagreed with the notion that the nation’s biggest banks should stop supporting new oil and gas development and production on Wednesday.
Together with other bank officials, the top executive of the biggest U.S. bank testified before a House subcommittee. According to Michigan Democrat Rashida Tlaib, there shouldn’t be any additional fossil fuel output in order to keep global temperatures from increasing by more than 2.7 degrees in the following decades.
“Please respond with a yes or no. Does your bank forbid the financing of brand-new oil and gas products? ” Tlaib questioned.
“Absolutely not, and that would lead America down the path to hell,” stated Dimon.
In response, Tlaib stated that all J.P. Morgan Chase clients who had benefited from the student loan relief program the Biden administration put forward ought to close their accounts. Dimon had called the Biden administration’s policy “badly done” earlier in the hearing.
As oil prices rose this year, gasoline prices reached a record high. Due to underinvestment in the industry, which is partly attributable to the growing popularity of ESG funds that avoid fossil fuels, U.S. oil output has slowed. Regardless of the consequences to the American economy, environmental activists have pushed banks and other institutions to refrain from making investments in the production of coal, gas, and oil.
The implications of Europe’s lack of energy security have come to light as a result of Russia’s invasion of Ukraine. Europe is dangerously reliant on Russia for natural gas because it underinvested in fossil fuel energy infrastructure at the demand of so-called climate change activist groups. The new conservative administration in the United Kingdom has implemented a massive expenditure program intended to keep household energy costs in check as a result of Europe’s rising energy prices, which are anticipated to send those nations’ economy into a serious recession.
Citigroup CEO Jane Fraser said that her company would continue to support fossil fuels.
In order to assist customers in making the switch to cleaner energy, Fraser said, “We will continue to support and invest in clients who are investing in fossil fuels.”
The head of Bank of America, Brian Moynihan, responded to Tlaib’s query in a less aggressive manner.
“We support our clients during a change. Therefore, we are financing both in new energy firms and oil and gas enterprises,” he added. “We’re assisting in tracking their progress toward the benchmark you’re referring to.”
The CEO of Wells Fargo declared his support for Moynihan.
Tlaib attacked Dimon once more before putting a halt to her line of questioning, saying, “You definitely do not care about working-class people.”
Tlaib threatened banks with laws requiring them to stop financing fossil fuels as she concluded her questions.
Tlaib added, “Regulators—including Congress and the Federal Reserve—must step in and make them if your financial institutions aren’t going to carry through on their net zero obligations.”
Yue (Nina) Chen, one of the main U.S. bank regulators, has just been promoted by the Biden administration to the position of top climate risk officer for the Office of the Comptroller of the Currency. She is seen as being in favor of the rules Tlaib described.
To criminalize national support for the discovery and use of ALL fossil fuels is STUPID in the worst possible way. Why would any Industrialized Nation put itself in total jeopardy by the denial of the products that made possible the highest standard of living and prosperity in the name of an imaginative non sequitur called Climate Change. The whole idea is to convince a non-meteorological populace that the sky is falling, and instead inject a purely fictional idea that all can be saved if everyone is denied prosperity in favor of self-flagellation and national starvation…O I can answer that…I think the powers that be have this idea that if the masses are put in total dependence on the Rulers-Elite that will grant them their daily bowl of energy porridge, that life will be sustained and all will be well. NO IT WON’T. This whole idea is a RAPE of logic and will become a road to ruin by accepting STUPID in the first place.
Who elects these complete idiots. The answer is other idiots. Sell your thoughts to foreign governments to help bring countries to their knees
Biden’s energy policy is simply to worry about the impossible (man caused climate change) while being ignorant of obvious. We the people of this earth have been dependent on fossil and none-fossil organic fuels since the beginning of time. Over this time period no significant environmental effect (climate change) has ever occurred because of humans utilizing organic fuels.
Meanwhile, climate change has over and over again been correctly associated with ocean currents, volcanic activity and changes in solar activity (movement of planets and changing energy output of the sun). None of which has the ability of man effect!
EXACTLY! CORECTAMUNDO! A SCAM THAT HAS BEEN OVERPLAYED FOR ABOUT 25 YEARS!
Vladimir Lenin stated over and over again to the Bolsheviks Communist Party Congress in 1922 that ” we will destroy Capitalism through environmentalism and we will employ the useful idiot to ensure the process is successful”.
Today’s “useful idiots” follow Vlad’s demands and they celebrate “Earth Day”….by the way, Earth Day was begun on the 100th anniversary of Lenin’s birth…any questions?
You make that very clear. We humans have nothing to do with “climate change”
IT IS A GOD THING. HE IS IN CONTROL
The whole “climate change’ due to human activity position is ridiculous in the extreme. The arrogance of the belief that mankind can change the natural activities of Mother Earth is beyond reason. The physical ‘facts’ argue that man is not in control of the massive system operating, does not have the knowledge to affect those changes nor the equipment to act on that knowledge if it did exist. The arrogance of the belief by mankind is no different than an ant crawling up an elephant’s leg with rape on its mind.
Nice analogy.
The US has been a leading reducer of emissions and we are not ready for green energy and the technology is not ready for going to fully renewable energy
So these bozos think that banks who do not support their “party line” – “do not care about working class people” (!) Really, the more they point their bony, skeletal fingers at others, the more fingers point BACK TO THEM on all counts. They are the ones who do not care, have proven it over and over again. The closer they can move this beautiful, wonderful country, the one and only USA, to their socialist-communist-leftist ideals the happier they’d be, but, one best believe, it would only increase the suffering of not only the working class but ALL classes of Americans. We canNOT let them do any of that, period.
WHY ISN’T THE ANSWER BEFORE THE 2020 ELECTION FROM REPULICAN ADDS AND NOW [HEY DUMB ASS JOE IF YOU END FOSSIL FUELS HOW WIII OUR JETS FLY TO PROTECT US,
REPUBLICANS HAVE A SUBVERSIVE RUNNING THER ADDS
Didn’t I just hear several oil refineries have recently been destroyed, like all the food plants?
The Biden administration and all its hanger on’ers are STUPID to keep harping on this “climate change” crap! The climate has been changing from the beginning of time. God and only God is in total control. God created the earth and everything He put in it or on it is for man’s benefit. You can not have electricity without coal…period! Tliaib and her ilk are forgetting one thing. The election is looming toward us and once the Republicans are back in charge all this nonsense with climate change will stop! Biden is not in this universe anymore and he will be prevented from destroying the United States of America. From the day he entered office, the USA has been on a downhill slide. The sooner he is impeached the better. And, not only Biden but his entire administration.
Without OIL think of all the things you use daily that will be gone. Oh like everything! the Keys your typing on and the wires that bring you electric to start.
God Bless America and make the dumb dems go away!
Michigan Democrat Rashida Tlaib: IMMEDIATELY REMOVE anything from YOUR LIFE that was Made from Fossil Fuels… that would INCLUDE All Plastics, the Natural Gas OR Electricity that you use for cooking, the Plastic Bottles that YOU Drink from, YOUR Automobile, most Clothing that is Synthetic, the Seat for YOUR Commode, your Glasses Which are Plastic, AND anything else that contributes to YOU being ALIVE!