Banking Committee Rs to Biden: Cool it on Fossil Fuel Finance Freeze-Out

Reposted from Government Accountability & Oversight

Another fed gov’t campaign to strangle legal businesses’ access to capital

From the Senate Banking Committee Republicans, a letter to the Biden White House’s climate-treaty czar John Kerry and the administration criticizing efforts to coerce banks into de-platforming fossil energy companies, and taking aim at a new global warming disclosure mandate on publicly traded companies.

Toomey, GOP Banking Members Demand Kerry, Biden Administration Stop Trying to De-Bank Energy Companies

Also Push Back on New Global Warming Disclosure Mandates for SEC-regulated Companies

Washington, D.C. – Ahead of President Biden’s Leaders Summit on Climate, U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) and all Republican members of the committee sent a letter calling on Special Presidential Envoy for Climate John Kerry to stop pressuring banks to make energy-related lending commitments.

In the letter, the members argue that abusing government power to influence bank lending and investment practices will distort capital allocation, raise energy costs for consumers, and slow economic growth. The members also reminded Mr. Kerry that one of the main drivers of America’s economic success has been that our government is based on the rule of law—not coercion.

“Beyond the poor track record associated with central economic planning, this apparent attempt to prevent energy companies from obtaining capital disturbingly resembles the Obama administration’s notorious ‘Operation Choke Point’ scandal, in which financial regulators attempted to coerce banks into denying services to legal yet politically-disfavored businesses.”

The letter also expresses concern that President Biden will soon sign an Executive Order setting in a motion a new mandate forcing publicly-traded companies to disclose non-material information on global warming. The members wrote:

“The apparent objective of this effort is not to protect investors, but to punish lawful energy companies by deterring lending to, and investment in, such firms.”

Read the full letter here.

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Tom Halla
April 27, 2021 6:12 pm

Central planning is Socialist by definition. Why the Kitsch Corporate State Democrats still act as if that will work is more of being power mad than any expectations of good results.
Or it could be simply a case of Napoleon Bonaparte’s dictum that never attribute to malice that which is sufficiently explained by stupidity.

Tim Gorman
Reply to  Tom Halla
April 27, 2021 6:36 pm

It\s not really Socialism. It’s Fascism – government control of business and capital. Exactly what Hitler and Mussolini implemented in their drive to dictatorial power. It will not end well – for anyone!

Tom Halla
Reply to  Tim Gorman
April 27, 2021 6:41 pm

Fascism is a subspecies of socialism. Stalinists tried to equate Marxism with socialism, but socialism predated Marx. Social, i. e. government control over the economy is socialism by definition.

Roger Taguchi
Reply to  Tom Halla
April 27, 2021 7:25 pm

Trumpism is Fascist

Tom Halla
Reply to  Roger Taguchi
April 27, 2021 7:34 pm

Define Fascism. As Italian Fascism was socialism with a cover of Syndicalism, how did Trump appeal to that philosophy? Or is it simply a Stalinist insult?

Coeur de Lion
Reply to  Tom Halla
April 28, 2021 1:33 am

There’s solid informed opinion that Trump’s foreign policy performance was the best of any President since the end of the Cold War

Derg
Reply to  Tom Halla
April 28, 2021 1:53 am

Roger is not very bright. He still thinks Russia colluuuusion was real and the moon is made of cheese.

philincalifornia
Reply to  Roger Taguchi
April 27, 2021 7:46 pm

Did you learn that line from your parrot?

Chris Hanley
Reply to  Roger Taguchi
April 27, 2021 9:01 pm

“Everything within the state, nothing outside the state, nothing against the state” (Benito Mussolini).
“By ending excessive regulation, we are defending democracy and draining the swamp” (US President Trump).
Polar opposites, guess which political philosophy is ‘Fascist’.

Rory Forbes
Reply to  Roger Taguchi
April 27, 2021 9:19 pm

The proof of the pudding is in the eating … so that would place Trump’s ideology as diametrically opposed to Fascism. The Democrats, on the other hand, demonstrate Fascism almost without interruption.

I’m guessing school was a living hell for you.

Last edited 10 days ago by Rory Forbes
John Endicott
Reply to  Rory Forbes
April 28, 2021 4:13 am

I’m guessing Jethro had more schooling that Roger did, and Jethro had a 6th-grade ed-je-ca-tion! (Beverly Hillbillies reference for those unfamiliar with that classic TV show).

Tom Abbott
Reply to  Rory Forbes
April 28, 2021 8:13 am

“so that would place Trump’s ideology as diametrically opposed to Fascism”

Exactly right. That’s why the Democrat fascists hate Trump and his supporters so much.

Carlo, Monte
Reply to  Roger Taguchi
April 27, 2021 9:46 pm

Idiot.

R_G
Reply to  Roger Taguchi
April 27, 2021 10:30 pm

And you are an idiot.

fred250
Reply to  Roger Taguchi
April 27, 2021 11:40 pm

“Trumpism is Fascist

.
RogTag types UTTER and COMPLETE BULLS**T !!

ALWAYS !!

Last edited 10 days ago by fred250
Tom Abbott
Reply to  Roger Taguchi
April 28, 2021 8:11 am

Trumpism is individual freedom from government overreach.

IAMPCBOB
Reply to  Roger Taguchi
April 28, 2021 10:12 am

And you are an idiot, but what else is new?

TonyG
Reply to  Roger Taguchi
April 28, 2021 10:13 am

See my comment above on the changing definition of the word.

Then answer this question:
Do you approve of the behavior of The Party from 1984?

John Dilks
Reply to  Roger Taguchi
April 28, 2021 11:37 am

You seem to have a bad case of TDS. You should see a shrink.

Philip
Reply to  Roger Taguchi
April 28, 2021 1:57 pm

NitWit

MarkW
Reply to  Roger Taguchi
April 29, 2021 6:43 pm

It really amazes me how liberals through around big words that they obviously don’t understand.
In their minds (if I may use that term so loosely), fascism is bad. Trump is bad. Therefore Trump is a fascist.

TonyG
Reply to  MarkW
April 30, 2021 7:56 am

Only their redefined version of “fascism” is bad. The original definition is what they’re pursuing. But in typical Orwellian fashion they’ve changed the meaning in their favor.

TonyG
Reply to  Tim Gorman
April 28, 2021 10:10 am

Have you looked up the “definition” of Fascism lately? Online, I mean? It appears it is no longer the same as I learned in High School (which is what you stated).

Frend
Reply to  Tim Gorman
April 29, 2021 4:47 pm

 We do this every 50 years whether we need to or not:
ABSTRACT

“Let’s get back to the competitive market system” [1]
   “Since 1930 we have had a mixed public-private system. But in the 1970s, the pendulum of the mix has been swinging further and faster toward central control. Call it what you will–managed capitalism, socialism, a planned economy, a postindustrial state–the end result will be the virtual elimination of the free market system as we now know it. There will be no signposts or traffic lights. We will simply shift over to another kind of system.”
   “The resulting system will not have widespread public ownership of production and distribution, but it will have public control. General Motors will not die; but neither will it remain a capitalistically motivated and directed enterprise. Rather it will operate as an organization designed to implement public, economic, political, and social policy. Impetus for this trend has come…only partly from leftists, liberals, youth, intellectuals, socialists. Instead it has come from the public at large, from Congress, and most surprisingly from the actions of many labor and business leaders.”

Note
[1] Harvard Business Review, Pricing for Profit, C. Jackson Grayson, Jr., p.147
Reprinted from HBR, November-December 1973, Number 73608
Copyright 1973 by the President and Fellows of Harvard College, all rights reserved

Izaak Walton
Reply to  Tom Halla
April 27, 2021 10:13 pm

Central planning has nothing to do with socialism. Socialism is concerned with who controls the means of production and if it the workers then you have socialist economy. The workers can do this through local means such as forming co-operatives and buying shares in businesses in which case there would be a socialist system but no central planning.

A one party state can implement central planning to benefit the ruling class which doesn’t have the to be the working class. A military dictatorship could create a planned economy that still gave all the profits to the rich and exploited the workers.

fred250
Reply to  Izaak Walton
April 27, 2021 11:42 pm

Your marxist/communist bent is shining like a putrid green light, izzy-a-socialist.

Graemethecat
Reply to  Izaak Walton
April 28, 2021 1:10 am

In capitalist economies the workers actually do own the means of production. It’s called shares.

Tom Halla
Reply to  Izaak Walton
April 28, 2021 5:58 am

Izaak, you are confusing Anarcho/.Syndicalism with Socialism. With a socialist society, the government controls the economy to a greater or lesser extent. It is not either/or. The NSDAP nominally had private companies, but controlled wages, prices, and what was produced.

Mike McMillan
Reply to  Tom Halla
April 29, 2021 5:19 am

The Russian Soviets always had their “Five Year Plan,” and the German Fascists had their “Four Year Plan.” Hermann Goering was the “Delegate for the Four Year Plan,” elbowing out banker Hjalmar Schacht.

Reading the Nuremberg trial transcripts and Speer’s book, a constant complaint running through them was the endless problems the Nazi ministers had trying to allocate resources, labor, material, money, etc., something a capitalist free market does automatically.

Both communist and fascist governments controlled the means of production. A main difference was that the communism was international – you had to become communist too when they took over your country – while the fascists were nationalists – they didn’t care whether you became fascist or not, as long as they got their take. Another difference was that communist governments owned the factories, while the fascists had to deal with the existing private ownership.

As far as exterminating people, the commies are in a league of their own.

ATheoK
Reply to  Izaak Walton
April 28, 2021 10:11 am

If it’s “central planning” it isn’t “the workers” who have any control.
As Russia and China exemplified, their “central planning” committees demanded impossible production levels while refusing “the workers” communities, all equipment and supplies necessary for maintaining the lowest levels of production.

Contradictory claims in your faux red herring logical fallacy.
Another false claim using false information by ik.

Rory Forbes
Reply to  Izaak Walton
April 28, 2021 10:43 am

Central planning has nothing to do with socialism

Nope. It’s a staple of socialist ideology.

MarkW
Reply to  Izaak Walton
April 29, 2021 6:50 pm

It never ceases to amaze me how communists actually seem to believe the nonsense they preach.

Retired_Engineer_Jim
April 27, 2021 6:36 pm

Wasn’t the 2008 crash a result of the Congress pressuring banks to make loans to people who were not as credit-worthy as one would hope? Don’t the meddlers learn at all?

Tom Halla
Reply to  Retired_Engineer_Jim
April 27, 2021 6:43 pm

Socialists are like the Hapsburgs, they never learn and never forget. The next time, IT WILL WORK!

Kevin kilty
Reply to  Tom Halla
April 27, 2021 9:21 pm

That was actually said of the Bourbons, but it’s true just the same.

Last edited 10 days ago by Kevin kilty
Kenji
Reply to  Retired_Engineer_Jim
April 27, 2021 8:20 pm

That is exactly correct … however Hollyweird actually made a film “Inside Job” … which spewed nothing but Marxist lies about the CRASH … which was caused by the Senate Banking Committee forcing of Banks to make high risk (ridiculous) mortgage loans … because black folks needed to be homeowners. This was the opening salvo of the “Equity” nonsense.

Rory Forbes
Reply to  Kenji
April 27, 2021 9:25 pm

As we watch the Democrats growing more and more emboldened by their clean sweep on power we’ll see critical race theory plugged into everything. It could rip the country apart … the opposite of the “unity” they say they’re for.

Tom Abbott
Reply to  Rory Forbes
April 28, 2021 8:28 am

There is starting to be a big backlash over this Critical Race Theory indoctrination of our children. Parents are speaking out forcefully against this racist propaganda. Critical Race Theory is going too far. It’s pure, hate-filled racist propaganda that aims to make white kids feel guilty for being white, and blaming them for things in the past they had nothing to do with.

And naturally, the Biden administration is pushing this hateful racist BS in our schools nationally. When that happens, the backlash will get even bigger. There will be a backlash in the coming 2022 elections, too.

https://www.washingtonexaminer.com/news/virginia-parents-group-start-pac-to-unseat-school-board-members

Rory Forbes
Reply to  Tom Abbott
April 28, 2021 10:52 am

Dear gawd I hope so. I’d love to live to see the backlash. It seems the “underclasses” can no longer be dismissed as ignorant and stupid. Blacks aren’t as easily “persuaded” by the Democrats to follow the party line, as they once did. However, it’s all for naught if saner heads don’t recover control of the voting system. Lesser issues have caused revolutions.

Jim Gorman
Reply to  Tom Abbott
April 28, 2021 1:04 pm

The more I learn the more I realize this is doomed to failure. The buzz word is equity. Many I have talked think that blacks, browns, asians, etc. should have as much as whites. It won’t work just based on demographics. Blacks are 12% of the population and decreasing. They will never have the total money and power of whites (decreasing), asians, and hispanics. For every ten people, 1 will be black and the other 9 will be different. The upshot is that searching for “equity” will never change this.

The best result anyone can hope for is what this country started from, “Be the best YOU can be.”

TonyG
Reply to  Rory Forbes
April 28, 2021 10:16 am

They’re 100% for unity, as long as you understand that “unity” means total agreement with them.

Seems like I read a book about this once…

Rory Forbes
Reply to  TonyG
April 28, 2021 10:53 am

Seems like I read a book about this once…

Yeah, me too.

IAMPCBOB
Reply to  Rory Forbes
April 28, 2021 10:19 am

Democrats have never been ‘for’ unity!

MarkW
Reply to  IAMPCBOB
April 29, 2021 6:53 pm

Democrats have redefined “unity” as being the absence of any opposition to their plans.

Richard Page
Reply to  Rory Forbes
April 28, 2021 10:20 am

The Democrats might say that they are for unity but in reality, they would be unable to get into power if they did that. Their only hope of power is to divide America along several different fault lines, keep the divisions seperate and exploit the fear and anger for their own ends.

Rory Forbes
Reply to  Richard Page
April 28, 2021 10:55 am

It would seem, the only way they could get in power this time was using wide spread fraud and the complicity of the courts (for fear of political reprisals).

IAMPCBOB
Reply to  Kenji
April 28, 2021 10:19 am

Selling over-priced homes to blacks (or ANY other poor) is the very height of stupidity! But, the banks weren’t the ones who had to pay for that stupidity. The taxpayers, ultimately, were forced to pay for it! Thank you, Mr Obama!

Tom Abbott
Reply to  Retired_Engineer_Jim
April 28, 2021 8:16 am

“Wasn’t the 2008 crash a result of the Congress pressuring banks to make loans to people who were not as credit-worthy as one would hope?”

More properly, it was the Democrats who pressured banks to make loans to people who couldn’t pay them back. Then when the economy crashed as a result, they blamed everything on Bush.

IAMPCBOB
Reply to  Tom Abbott
April 28, 2021 10:21 am

Democrats are always blaming THEIR mistakes on someone else, usually the Republicans! They simply refuse to accept responsibility for THEIR misdeeds!

MarkW
Reply to  IAMPCBOB
April 29, 2021 6:55 pm

Biden is still trying to claim that the crisis on the border is all Trump’s fault,

TonyG
Reply to  Retired_Engineer_Jim
April 28, 2021 10:15 am

They “felt good” about doing it, even though the results were disastrous. Feeling good about it is what matters to them, not the results.

MarkW
April 27, 2021 7:14 pm

The biggest problem with this plan, is that international companies can get loans from banks in pretty much any country.

John Endicott
Reply to  MarkW
April 28, 2021 4:18 am

Yes, but the US isn’t the only western country going in that direction. And there are some countries it’s best not to do bank business with, as the strings attached can be a big problem down the road, but those could be the only countries that some business will be able to bank with if enough western countries follow suit.

Tom Abbott
Reply to  MarkW
April 28, 2021 8:30 am

MarkW, I was beginning to worry about you. I thought we were going to have to do a Welfare Check on you. Glad to see you back. 🙂

Dave Andrews
Reply to  MarkW
April 28, 2021 8:41 am

Mark Carney, former Governor of the Bank of England, is chairing an initiative called the Glasgow Financial Alliance for Net Zero (Gfanz) comprising 160 companies, including 43 banks from 23 countries; which aims to encourage the finance sector to divert investments towards low carbon infrastructure and technologies, and to discourage high-carbon investments, ahead of COP 26. (Guardian 21 April )

However, the companies would not face a deadline for exiting their fossil fuel investments nor requirements to stop financing coal, for instance, and banks will make their own judgements on the carbon content of their portfolios. (So Extinction Rebellion can still go around smashing the Bank windows!)

philincalifornia
April 27, 2021 7:48 pm

What does former democrat presidential candidate Tom “Fossil Fuel Billionaire” Steyer think of this one?

markl
April 27, 2021 8:02 pm

For years the Marxists planned and connived in the shadows to control the American government and now they are out of the closet. Others are concerned about misrepresentation of AGW and the Marxist goal has nothing to do with temperature. Either there are a lot of useful idiots or the Marxist ranks are much greater than we realize. I’m betting on useful idiots thinking they will retain control.

Rory Forbes
Reply to  markl
April 27, 2021 9:28 pm

My money is on them being “useful idiots”, especially if they believe O’Biden received over 80 million votes … and Kamala is a jolly Virgin Mary.

Richard Page
Reply to  markl
April 28, 2021 10:25 am

When they took over the Democrats and the environmental groups, it brought over a lot of people who weren’t aware things had changed. Never underestimate the numbers of people that don’t think or question, just vote for ’causes’.

April 27, 2021 10:28 pm

Today I sent this paper to journalists and politicians.

CLIMATE CHANGE, COVID-19, AND THE GREAT RESET  Update 1d  
March 21, 2021, Updated April 27, 2021
A Climate and Energy Primer for Politicians and Media
https://thsresearch.files.wordpress.com/2021/04/climate-change-covid-19-and-the-great-reset-update-1d-readonly.docx
 
The Update Includes More Severe Cold Events as follows;
 
RECORD APRIL COLD SWEEPS THE UNITED STATES, WITH “VERY RARE” AND “BIZARRE” SNOW FALLING AS FAR SOUTH AS OKLAHOMA  April 22, 2021
 
WINTER ARRIVES EARLY ACROSS THE SOUTHERN HEMISPHERE  April 26, 2021
 
OVER THE PAST 7 DAYS, THOUSANDS OF LOW TEMPERATURE RECORDS FELL ACROSS THE UNITED STATES   April 26, 2021
 
EUROPE BRACES FOR EXTREME MAY FREEZE  April 27, 2021

MIDWEST AND EASTERN VINEYARDS HIT BY HISTORIC SNOW AND FREEZE EVENTS   April 27, 2021
 
These very serious global cooling events provide the opportunity to quash Global Warming falsehoods and frauds. CO2 is still going up, but temperature is going down, similar to the last cooling period from 1940 to 1977.
 
___________________________

This Great Reset is Treason. Canada, USA, UK, Australia = Same.
 
THE GREAT RESET – PRESENTATION FROM THE BANK OF CANADA
https://www.bankofcanada.ca/wp-content/uploads/2020/08/presentation-2020-08-20.pdf
 
Background Information on the above:
I became aware of this Liberal Party of Canada Marxist scam in mid-2019 before the federal election. The “bought” Canadian media refused to publish my article.

The same totalitarian agenda is being hatched in your countries.

THE LIBERALS’ COVERT GREEN PLAN FOR CANADA – POVERTY AND DICTATORSHIP
by Allan M.R. MacRae, B.A.Sc., M.Eng., October 1, 2019
https://wattsupwiththat.com/2019/10/01/the-liberals-covert-green-plan-for-canada-poverty-and-dictatorship/

Regards, Allan MacRae in Calgary

Reply to  ALLAN MACRAE
April 28, 2021 11:20 am

Excerpt from my above paper
CLIMATE CHANGE, COVID-19, AND THE GREAT RESET  Update 1d  
“Rode and Fischbeck, professor of Social & Decision Sciences and Engineering & Public Policy, collected 79 predictions of climate-caused apocalypse going back to the first Earth Day in 1970. With the passage of time, many of these forecasts have since expired; the dates have come and gone uneventfully. In fact, 48 (61%) of the predictions have already expired as of the end of 2020.”

Climate doomsters have a perfect NEGATIVE predictive track record – every very-scary climate prediction, of the ~80 they have made since 1970, has FAILED TO HAPPEN.

Fully 48 of these predictions expired at the end of 2020. Never happened! Never will!
What are the odds at 50:50 per prediction? 3.6*10^-15 = 0.0000000000000036

So the climate doomsters were wrong in their very-scary climate predictions 48 times in a row – at 50:50 odds that’s like flipping a coin 48 times and losing every time! The odds against that being mere random stupidity are a gazillion to 1. It’s not just scientists being stupid.

No, these climate doomsters were not telling the truth – they displayed a dishonest bias in their analyses that caused these extremely improbable errors – they knew they were lying.
 
There is a powerful logic that says no rational person or group could be this wrong for this long; they followed a corrupt agenda, and they lied again and again. 

tom0mason
April 27, 2021 11:10 pm

<em>Senate Banking Committee Republicans, a letter to the Biden White House’s climate-treaty czar John Kerry and the administration criticizing efforts to coerce banks into de-platforming fossil energy companies, … </em>

Indeed John Kerry, Biden White House’s climate-treaty czar (and all that is supposed to mean) is trying to talk the banks out of making profit except by socially acceptable industries.
Sounds to me like prohibition of fossil fuels might be coming, and we all know how well prohibitions work.

Rod Evans
April 27, 2021 11:14 pm

When any activity is criminalised by the state, the outcome is always the same, chaos and crime.
The USA is a living example of testing theories to the end point of predictable and painful conclusions.
The ban on alcohol in the prohibition era, gave rise to massive crime gang evolution and corruption of local authority figures. The wealthy outlaws made so, by misplaced state interference in the market, felt no need to hide their wealth or its origin, They used it to gain influence and still do..
The modern day misplaced state effort to criminalise recreational drug supply, has given rise to even bigger crime syndicates, with even more ongoing violence, as each fights for control of their “illegal” activities.
What do you think is going to happen as the supply of money is made illegal?
State control of what are not just desirable goods but essential purchases, i.e. fuel threatens normal peoples lives as never before. In many cases essential life lines enabling basic existence, will not be given up without a fight…
Do the state authorities think this time round it will be different?
Do they honestly think the people with the real wealth to distribute for profit will simply kneel in submission to yet another piece of life destroying nonsense from the ” do gooders”?
Are politicians mad as well as bad?
.

Steve Z
April 28, 2021 1:36 pm

Banks, like any other business, want to make money. Banks make money by lending it out at a higher interest rate than they pay to savers (or to the Federal Reserve), but that only works if the borrower can pay back the loan over time. Fossil-fuel energy companies have a fairly good track record at paying back their loans, except for wildcat drillers who drill dry holes.

By the way, which private bank made loans to Solyndra? Oh, that’s right, it was the US taxpayer, which got burned for half a billion. The government isn’t very good at picking winners and losers, so they should stay out of the game.

Peter D
April 29, 2021 12:38 am

Chinese banks will be happy to lend the money, and buy out the politically incorrect firms. I’m sure many Democrats know this.

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