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John,

To tackle the climate crisis, we must end the flow of money to fossil fuels — and the Federal Reserve has the power and responsibility to make that happen.

A new bill in Congress would require the Federal Reserve to do just that. Last week, I was proud to join Representatives Mondaire Jones, Ayanna Pressley, and Rashida Tlaib as they introduced the Fossil Free Finance Act.

In the last 5 years, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion. Under this legislation, big banks would be required to align their financing with science-based emission targets and our obligations under the Paris Climate Agreement.

There are 15 co-sponsors on the bill so far, but we need many more in order to pass this bill in the House. Will you send a message to your Congressmember right now urging them to co-sponsor the Fossil Free Finance Act?

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While we continue to pressure President Biden to nominate a new Federal Reserve Chair, this bill is a huge opportunity to change the course of the Federal Reserve – and turn the tides for our climate – with or without the White House.

If this bill passes, big banks would not be allowed to finance:

-New or expanded fossil fuel projects after 2022
-All fossil fuel projects after 2030
-Thermal coal financing after 2024

We need as many representatives as possible to support the Fossil Free Finance Act to get the Fed to step in and cut off the flow of funds to fossil fuels. Can you send a message to your Congressmember urging them to sign on to the Fossil Free Finance Act?

It's time for a fossil free Federal Reserve that steers our economy away from climate chaos.

In solidarity,

Tracey Lewis
Senior Climate Policy Analyst
350.org

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