Washington, DC, Nov. 20, 2020 – At the moment, the Trump administration’s Workplace of the Comptroller of the Forex (OCC) launched a brand new proposal aimed toward forcing banks to fund fossil gasoline firms.
Over the past yr, 5 of the six largest American banks — Goldman Sachs, JPMorgan Chase, Citi, Wells Fargo, and Morgan Stanley — have all up to date their lending insurance policies to rule out funding for brand new drilling within the Arctic, citing important monetary and reputational dangers.
At the moment’s proposal from Trump’s OCC is available in response to complaints from politicians together with Alaska Senator Dan Sullivan that these insurance policies ruling out unhealthy investments discriminate towards oil firms. Banking regulation specialists have raised questions concerning the legality and efficacy of those efforts to intimidate banks into supporting favored industries.
In response, Sierra Membership Senior Marketing campaign Consultant Ben Cushing launched the next assertion:
“Opposite to the claims of oil-backed politicians, banks don’t wish to finance extra drilling within the Arctic not due to some huge liberal conspiracy, however as a result of it’s unhealthy enterprise. The concept that this constitutes discrimination is ludicrous. No quantity of saber-rattling within the last days of the Trump administration goes to alter the truth that Arctic drilling is a dangerous funding that any savvy monetary establishment would keep distant from.”