Rep. Rashida Tlaib (D-Minn.) demanded Wednesday that the CEOs of America’s largest banks commit to stop financing fossil fuel companies.
But she received more than she bargained for when she called on Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., to answer her woke demand.
During a House Financial Services Committee hearing, Tlaib demanded the bank CEOs make a pledge against fossil fuels.
The CEOs represented the seven largest banks in the U.S.: JPMorgan Chase & Co, U.S. Bancorp, PNC Financial Services, Citigroup, Bank of America, Truist Financial Corporation, and Wells Fargo & Co.
“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,” she said. “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. 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.
The first executive she called on, Dimon, made it clear he was not engaging Tlaib’s far-left games.
“Absolutely not — and that would be the road to hell for America,” he told Tlaib.
Tlaib then got personal, suggesting that Americans who benefit from President Joe Biden’s controversial policies should cease doing business with Dimon’s bank.
“Yeah, that’s fine,” she snarked. “That’s why, sir, you know what, everybody that got relief from student loan [who] 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.”
Tlaib was referring to Dimon’s earlier criticism of Biden’s student loan forgiveness plan.
What did the other CEOs say?
The CEOs of Citigroup, Bank of America, and Wells Fargo each said they will continue working with fossil fuel companies and investing in clean energy.
Tlaib then returned to Dimon, claiming without basis that he does not care about common Americans.
“You obviously don’t care about working-class people and front-line communities,” she claimed, “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.”
— Tom Elliott (@Tom Elliott)
The fallacy of Tlaib’s question is obvious.
The commitment to clean energy requires working with oil and gas companies because they are the only energy businesses with the resources required to invest heavily in “clean energy.” And those companies are already making such investments because, after all, they want to make money, and developing sources of clean energy will lead to massive financial benefits in the future.