Here’s how the Federal Reserve can hold the world’s third largest funder of fossil fuels, Wells Fargo, accountable.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

This is huge, John.

Last week, Senator Elizabeth Warren sent a letter to Federal Reserve Chair Jerome Powell demanding that the Federal Reserve break up Wells Fargo.¹

For years, Wells Fargo has abused its customers – from opening millions of fake accounts to racially discriminating against Black and Latinx communities by charging them more expensive mortgages.²

But Wells Fargo's wrongdoings don't end there. Wells Fargo is the world’s third largest funder of fossil fuels.³ The bank issued $3.86 billion in loans to Enbridge, the Canadian company building the Line 3 tar sands pipeline in Northern Minnesota, which violates Indigenous treaty rights and is the equivalent of 50 coal fired power plants.⁴

But here’s the thing: it doesn’t have to be this way. The Federal Reserve can protect consumers and our climate by using its existing authority to break up Wells Fargo.

So, I’m reaching out to you, John, to ask:

If you agree with Senator Warren that it’s time to hold Wells Fargo accountable, will you add your name to our petition calling on the Federal Reserve to break it up?

Add your name »

The Federal Reserve has a mandate to hold big banks accountable and manage risks to our economy — including climate risks.

Under the mandate, as Senator Warren points out, the Federal Reserve can halt Wells Fargo’s egregious business practices by revoking the bank’s status as a financial holding company and requiring the company to separate its banking and Wall Street activities.

If enough of us join Senator Warren’s call, we can move the Federal Reserve to take more robust action to stop Wells Fargo from abusing customers and bankrolling the climate crisis.

Will you add your name to our petition in solidarity with Senator Warren calling on the Federal Reserve to hold Wells Fargo accountable?

When we first started this campaign, many people thought it would be impossible to move the Federal Reserve.

But through hard work (and lots of research), we endorsed the Fossil Free Finance Act with Reps. Mondaire Jones, Rashida Tlaib, and Ayanna Pressley, made headlines on major news outlets for demanding President Biden to appoint a climate leader as Federal Reserve Chair, and more.

Already, we’re shining a spotlight on the Federal Reserve and educating thousands of people on why the Federal Reserve needs to step up and protect consumers and our planet.

If you haven’t already, will you join Senator Warren and demand that the Fed holds Wells Fargo accountable?

Thank you for being part of this campaign.

In solidarity,

Tracey Lewis
Senior Climate Policy Analyst
350.org

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1 - Senator Elizabeth Warren Press Release
2 - New York Times and Department of Justice
3 - Rainforest Action Network
4 - Rainforest Action Network