Tell the Fed Board: Take strong action on climate

Sign the letter:

Tell the Fed Board: Take strong action on climate

The largest US financial institutions aren’t just failing to prepare themselves for climate harms, they’re actively increasing the threats by aggressively financing fossil fuels.

The new members of the Federal Reserve Board of Governors have a key role to play in taking immediate, necessary action to protect our financial system from climate disruption.

Send a letter calling on them to take strong action on climate.

Our letter:

Dear Federal Reserve Board of Governors,

We are proud that this Federal Reserve Board of Governors is one of the most diverse and well-qualified in the Fed’s history. As you begin your new terms we urge you to take strong action on climate.

You have a key role to play in taking immediate, necessary action to protect our financial system from climate change. Right now, the largest US financial institutions aren’t just failing to prepare themselves for climate harms, they’re actively increasing the threats by aggressively financing fossil fuels. It’s similar to the runup to 2008. This time, financial institutions are churning out toxic fossil fuel financing instead of toxic subprime mortgages. The 2008 financial crisis and Great Recession showed what happens when regulators fail to rein in Wall Street’s excessive risk-taking.

Congress passed legislation after the last financial crash requiring the Treasury Secretary to lead federal regulators to identify and respond to growing threats to financial stability. Climate change is clearly one such threat. Regulators must do their jobs and make Wall Street assess, absorb, and reduce the additional risks it is pumping into our financial system.

Sincerely,

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