good news re: reining in the Big Banks

 

We know the Big Banks like to talk about how they’re taking climate change seriously. But we also know they’re investing billions of dollars in companies that produce fossil fuels and contribute to the escalating climate crisis — they’ve invested at least $4,500,000,000 since 2015! So we’re thrilled to announce that a banking regulator — the Federal Deposit Insurance Corporation (FDIC) — just proposed guidelines on how Big Banks should respond to the climate crisis. This climate guidance is a major step to make sure banks aren’t making choices that put our financial system — and all of us — at risk. The government is accepting comments from the public on the new guidelines before they are finalized — so we need you to weigh in to support this effort to hold the Big Banks accountable. The guidelines tell the Big Banks to: Prepare for the impacts of climate change at every level of business; Plan for what climate change could look like in the long term, and adjust projections as new data comes in; Develop a clear understanding of how climate change could harm the financial system;  Make sure their internal strategies are actually consistent with their public-facing climate commitments; and Avoid risk management strategies that disproportionately harm disadvantaged communities. Remember: Big Banks’ risky decisions affect us all. We saw in the 2008 financial crash what happens when they’re allowed to make selfish, shortsighted decisions without proper supervision. And now they’re doing it again by making risky investments in fossil fuels for short-term gain without considering the consequences of climate change. We know the Big Banks will strongly oppose any guidance that will hold them accountable. So please, if you want to stop the Big Banks from harming the rest of us just to make a quick buck, speak up in support of strong climate guidelines for banks. Together, our voices can overpower the Big Banks and their army of lobbyists. Thanks for doing your part to rein in Wall Street, East Public Citizen

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