John -
The job of financial regulators is to protect our economy and financial system. But for years, they’ve done the exact opposite and allowed the largest US banks — JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America — to pour nearly $1 trillion into risky fossil fuels since the Paris Agreement.1
Risky behavior from Wall Street led to the worst financial crisis since the Great Depression, and we’re on course to repeat history if regulators fail to take immediate action and stop financial institutions from placing risky bets on a dying industry that continues to threaten our economy and planet.
That’s why we're calling on the U.S. Secretary of the Treasury Janet Yellen to use her power to step in and stop Wall Street from continuing their risky fossil fuel investments.
Right now, Treasury Secretary Yellen is leading on a report that will provide regulatory recommendations to prepare for the climate crisis as part of President Biden’s Executive Order on Climate-Related Financial Risk.2 While this financial review process seems insignificant, it’s quite the contrary.
Big banks have made it very clear that they intend to finance fossil fuels indefinitely. But Yellen, as the chair of the Financial Stability Oversight Council, can stop this madness by blowing the whistle in this report and directing regulators to prevent risk, including financial shocks caused by the climate crisis.
What is and what is not prioritized in the report will determine the trajectory of actions that regulators will take on the climate crisis. That’s why, John, we need thousands of supporters like you to demand Treasury Secretary Yellen to include a robust action plan to shift the economy off fossil fuels in her report.
If enough of us take action today, we can move Yellen to use her power to step in and stop Wall Street from continuing to bankroll the climate crisis.
Thank you for being part of this fight.
- Team 350
1 - Rainforest Action
2 - Americans for Financial Reform
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PO Box 843004, Boston, MA 02284-3004
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350.org is a global movement that fights for a just and equitable world by stopping the fossil fuel industry from continuing to destroy our climate.