House Financial Service Committee addresses ESG (2022)
| Environmental, social, and corporate governance |
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September 27, 2022
Last week, the House Financial Service Committee held a hearing called “Holding Megabanks Accountable,” at which the CEOs of a handful of large consumer-facing banks testified about the banks’ various interests and activities. The hearing hit on ESG and related issues.
At one point, Congresswoman Rashida Tlaib (D) challenged the bank CEOs to agree to stop doing business with fossil fuel companies. She was rebuffed by all, with J.P. Morgan-Chase CEO Jamie Dimon generating headlines with his response:[1]
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JPMorgan Chase CEO Jamie Dimon is not committing to divesting from fossil fuels and shrugged off the notion as a "road to hell for America" during a House hearing. At an Oversight Committee hearing Wednesday, Rep. Rashida Tlaib (D-MI) pressed a cadre of banking executives sitting before the investigatory panel on whether they would commit to stop funding new fossil fuel projects. "Absolutely not, and that would be the road to hell for America," Dimon quipped during a tense exchange with the "Squad" member. Seemingly expecting that answer, Tlaib encouraged those poised to receive student loan relief with accounts at JPMorgan Chase to close their accounts with his company. "Sir, you know what? Everybody that got relief from student loans [that] has a bank account with your bank should probably take out their account and close their account," she said. "The fact that you're not even there to relieve many of the folks that are in debt, extreme debt, because of student loan debt. And you're out there criticizing it."… Dimon, who is widely regarded as one of the foremost voices in the world of finance, previously slammed environmentalists pushing to curb oil and gas production, arguing such steps could lead to increased coal use in developing countries. "We aren't getting this one right," Dimon added. "Investing in the oil and gas company is good for reducing CO2." Following the exchange, Tlaib peppered the other banking executives in attendance about their positions on fossil fuels. Executives from Citigroup and Bank of America explained that they are collaborating with their clients to help reduce carbon dioxide emissions. [2] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Washington Examiner, "'Road to hell for America': JP Morgan CEO snaps back at Rep. Tlaib on fossil fuels," September 22, 2022
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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