One of the country’s top banking executives had a ready answer for far-left Rep. Rashida Tlaib when she asked him during a congressional hearing on Tuesday if he would commit to not lending money to fossil fuel companies as a means of controlling ‘climate change.’
He didn’t hesitate a second: No.
The Daily Wire noted:
CEOs from America’s six largest banks were asked to address serious issues by some members, such as the influence of Chinese banks and the impact of war and the pandemic on the economy and inflation. Other members, like Tlaib, focused on woke issues, like the climate change.
The CEOs who were called to testify included Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.; Jane Fraser, CEO, Citigroup; Brian Moynihan, Chairman and CEO, Bank of America; Charles Scharf, President and CEO, Wells Fargo & Company; William Rogers Jr., Chairman and CEO, Truist Financial Corporation; William Demchak, Chairman, President, and CEO, The PNC Financial Services Group; and Andy Cecere, Chairman, President, and CEO, U.S. Bancorp.
“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net zero in 2050,” Tlaib began. “Do you know what the International Energy Agency has said is required to meet our global 2050 net sterile targets of limiting global temperature rise to 2.7 degrees Fahrenheit, or 1.5 degrees Celsius? So no new fossil fuel production starting today, that’s, so that’s like zero.”
“Please answer with a simple yes or no — does your bank have a policy against funding new oil and gas products?” Tlaib asked before going first to Dimon, the most powerful of all the execs in the room.
“Absolutely not,” Dimon responded. “And that would be the road to hell for America.”
Tlaib went on to virtue signal to the left by chastizing Dimon.
“Yeah, that’s fine,” Tlaib responded. “That’s why sir, you know what, everybody that got relief from student loans, has a bank account with your bank should probably take out their account and close their account, the fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it.”
Later, she claimed without any evidence that Dimon “obviously” does not “care about working class people and frontline communities like ours, that are facing huge amounts of high rates of asthma, respiratory issues, and so much more, cancer rates are so high among my communities that I represent.”
Rep. @RashidaTlaib challenges bank CEOs to agree to stop funding fossil fuels, is rejected by every single one
Jamie Dimon: "That would be the road to Hell for America" pic.twitter.com/U7yr6AbtyF
— Tom Elliott (@tomselliott) September 21, 2022
In fact, net emissions in the U.S. have fallen substantially for decades and continue to do so. That is largely due not to a curb in fossil fuels but to more efficient use of them through technology.
That said, Dimon’s assessment that ditching fossil fuels completely would be a disaster hit home again this week — in California, of all places, considering the state’s left-wing governor, Gavin Newsom, crowed over the summer about banning new vehicles with combustible engines in the 2030s.
“During California’s recent heat wave, the state intensely relied on natural gas to keep the lights on despite the state’s quick promotion of renewable energy sources,” The Daily Wire reported separately on Wednesday.
“According to the U.S. Energy Information Administration (EIA), the state’s electric grid counted on natural gas for nearly half of its electricity production to reach peak demand levels,” the report added.