Trump Admin. Proposes New Rule To Protect The Fossil Fuel Industry From Discriminatory Banks – By OAN Newsroom (OANN) / Nov 30 2020
The Trump administration is looking to implement a new rule through the Office of the Comptroller of the Currency to keep banks from discriminating against fossil fuel companies by way of denying them finances.
This comes after an October decision where five of the six largest banks in the U.S. pledged to end financing for oil companies who look to drill in the Arctic. These banks include Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley and Wells Fargo.
The most push-back over the banks’ decision came from Republicans in states with large energy industries, while the loudest praise came from environmentalist groups and authors like 350.org co-founder Bill McKibben.
Banks are not the only ones taking an activist position on the issue. Investment groups like BlackRock are also picking and choosing whom to give loans on what many Republicans believe is a discriminatory basis. However, BlackRock CEO Larry Fink claims his company is only spending money where their investors want it to go, which he said is environmental action.