Bank CEOs reject extreme climate demands from MP Tlaib: ‘This would be the road to hell for America’

Banking industry leaders clashed with Representative Rashida Tlaib, D-Michigan, Wednesday, after he demanded that they commit to an immediate end to all funding for all fossil fuel products.

Jamie Dimon, CEO of JP Morgan, told the far-left representative that her request would lead to despair and ruin.

“You have all committed, as you all know, to shift emissions from lending and investment activities to line the tracks to net zero in 2050…so there is no new production of fossil fuels, starting today, so that’s like zero. I would all ask and get off on the list, because you have all agreed to do so. Please answer yes or no, does your bank have a policy against financing new oil and gas products, Mr. Diamond?” asked Tlaib.

“Certainly not,” Damon replied, “and that would be the road to hell for America.”

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The chief executives of the largest US consumer banks are set to warn lawmakers that Americans are struggling amid rising inflation, as they brace for tough questions about how to help customers impacted by rising prices. (Al Drago/Bloomberg via Getty Images)

A student replied, “Yes, that’s fine. It’s okay.” “Sir, you know what, everyone who got student loan forgiveness [that] He has a bank account with your bank, he’ll probably withdraw his account and close his account.”

She continued, “The fact that you’re not even there to help relieve so many heavily indebted, severely indebted people because of student loan debt, and you’re there criticizing that.”

Taleb proceeded to ask the other bankers about their position, and they all replied that they would continue to invest in oil and gas as well as alternative energy projects.

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JPMorgan Chase CEO Jamie Dimon appears at the House Financial Services Committee hearing

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. , during a House Financial Services Committee hearing in Washington, D.C., on Wednesday, September 21, 2022. (Al Drago/Bloomberg via Getty Images/Getty Images)

“We will continue to invest in and support customers who invest in fossil fuels and help them transition to cleaner energies,” said Jane Fraser, CEO of Citigroup.

Brian Moynihan, CEO of Bank of America, echoed Fraser.

“We help our customers make a transformation, and that means we lend to both oil and gas companies and new energy companies and we help monitor their path toward the standards you speak of,” he said.

re \ come back.  Rashida Tlaib

House Oversight and Reform Committee member Representative Rashida Tlaib (R) attends a hearing on the 2020 census at Rayburn House office building on Capitol Hill on January 9, 2020 in Washington, DC. ((Photo by Chip Somodevila/Getty Images/Getty Images)

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Critics of the environmental policies advocated by Talib argue that these policies have already reduced funding for fossil fuel projects, exacerbating the energy shortages seen in Europe since Russia’s invasion of Ukraine earlier this year. American financier Kyle Bass, for example, has argued that the transition from fossil fuels to alternative energy should not be rushed.

“These transitions take forty years, Joe. The transition from coal to natural gas took forty years. It takes a very, very, very long time. We can’t switch the switch,” he told CNBC in an interview last month.

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