Several progressive House Democrats introduced this week a bill seeking to mandate the Fed to ban banks from funding all fossil fuel projects after 2030, and require the systemically important large banks to align emissions financing with U.S obligations under the Paris Climate Agreement. Congressman Mondaire Jones (D-NY), Congresswoman Ayanna Pressley (D-MA), and Congresswoman Rashida Tlaib (D-MI) introduced the so-called Fossil Free Finance Act , which would require the Federal Reserve to mandate that all bank holding companies with more than $50 billion in assets and all nonbank Systemically Important Financial Institutions (SIFIs) align their financing of greenhouse gas emissions and deforestation risk commodities with science-based emissions targets. The bill requires the Fed to mandate large banks to commit to 50 percent reduction in financed emissions by 2030 and 100-percent reduction in financed emissions by 2050. The Fed mandate, as per the bill, would also ban the financing of […]