Democrats Push Federal Reserve To End Fossil Fuel Financing

If nothing else, Democrats are consistent. While Americans struggle under the weight of Biden’s inflationary energy policies, lawmakers declare another war on fossil fuel.

A group of leftist legislators fired off a letter to Federal Reserve Chair Jerome Powell demanding the central bank bend the knee to climate extremists. They insisted the Fed mandate that financial institutions refuse to finance fossil fuel projects.

The alarmists called it a push “to protect the stability of the U.S. financial system.” Of course, the financial system is the furthest thing from the minds of these Democrats.

Instead, they want the Fed to strongarm Wall Street into squeezing the energy sector to abandon fossil fuels altogether. Any observer grounded in reality must admit that this would decapitate the U.S. economy and cripple the nation competitively.

And it’s not just fossil fuels that have Democrats pressuring the supposedly independent Fed. Leftist lawmakers are also calling for an end to interest rate hikes made necessary by President Joe Biden’s runaway inflation.

Among the far-left icons who signed the most recent missive are Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA). Representatives who threw in their support included Alexandria Ocasio-Cortez (D-NY), Ayanna Pressley (D-MA), and Rashida Tlaib (D-MI).

Not exactly an honor roll of voices of reason.

Pressley posted on X, the platform formerly known as Twitter, that “climate change is real and climate risk is here.” She claimed she and her colleagues called on the central bank “to address the risks of climate change.”

The 11 lawmakers said that the American economy and the public are under a “heavy financial burden” due to the “climate crisis.” They called on the Fed to ensure stability by “requiring financial institutions to stop fossil fuel financing.”

Democrats are masters of embracing the philosophical and ignoring the practical. AAA reports the average price of a gallon of regular gas in the U.S. reached $3.881 as of Sept. 18.

How much more expensive would this essential commodity be if there was no more investment in fossil fuels? Does the left care? Of course not.

Their goal is to dictate to every American how they will live in order to fulfill their ideological fantasies. Crushing the economy and crippling all but the most wealthy is a price worth paying to feel good about fighting climate change.