Finance, Federal Reserve, Federal Reserve System, Predatory lending, Bank of England, Central bank

Oil & Gas Dominates in "Main Street" Lending Program

On Dec 16, 2020
@ClimatePower shared
RT @Public_Citizen: Holy hell. 46 fossil fuel companies have received $828,000,000 in loans under the Federal Reserve’s “Main Street” pandemic lending program. That’s more than *thirteen times* what was loaned to green energy. A harrowing report from @bailoutwatchorg. https://t.co/9h8KcKLbdh
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New data shows that 46 fossil fuel companies have received Fed-subsidized loans since July, as the MSLP is set to expire on December 31st.

bailoutwatch.org
On Dec 16, 2020
@ClimatePower shared
RT @Public_Citizen: Holy hell. 46 fossil fuel companies have received $828,000,000 in loans under the Federal Reserve’s “Main Street” pandemic lending program. That’s more than *thirteen times* what was loaned to green energy. A harrowing report from @bailoutwatchorg. https://t.co/9h8KcKLbdh
Open

Oil & Gas Dominates in "Main Street" Lending Program

Oil & Gas Dominates in "Main Street" Lending Program

New data shows that 46 fossil fuel companies have received Fed-subsidized loans since July, as the MSLP is set to expire on December 31st.

The Federal Reserve Is Accelerating the Climate Crisis

The Federal Reserve Is Accelerating the Climate Crisis

Bailing out money-losing fossil fuel companies is not sound economic policy.

The Fed’s Oil and Gas Bailout Is a Mistake

The Fed’s Oil and Gas Bailout Is a Mistake

The Federal Reserve should not be throwing a public lifeline to an industry that is stoking serious risks to the financial system, economy, and environment.

The Fed Invested Public Money in Fossil Fuel Firms Driving Environmental Racism

The Fed Invested Public Money in Fossil Fuel Firms Driving Environmental Racism

The Federal Reserve should not be propping up a dying industry with a track record of harming communities of color.

Fed adds Main Street business, municipal and state lending aid

Fed adds Main Street business, municipal and state lending aid

The Fed takes a new role in the economy with lending to businesses, states and municipalities struggling under the COVID-19 pandemic.

Fed-backed loans to fossil fuels jump

Fed-backed loans to fossil fuels jump

Oil and gas fought for looser lending terms so more of them could participate in the Fed’s Main Street Lending Program. New data show their lobbying paid off.

Mnuchin to the Main Street Lending Program: Drop Dead

Mnuchin to the Main Street Lending Program: Drop Dead

The Treasury Department wants its money back from the Federal Reserve's Main Street Lending Program and other facilities, despite increasing business disruption tied to the pandemic.

Why Is the Fed Spending So Much Money on a Dying Industry?

Why Is the Fed Spending So Much Money on a Dying Industry?

It should not be directing money to further entrench the carbon economy.

Environmentalists Praise Democratic Request for Greater Oversight, Incorporation of Climate Risk in Fed Lending Programs

Environmentalists Praise Democratic Request for Greater Oversight, Incorporation of Climate Risk in Fed Lending Programs

Washington, D.C. -- Environmental, community, and justice groups who have called for greater oversight of the Federal Reserve’s (the Fed) lending programs in response to the coronavirus ...

PRO-POLLUTER PANDEMIC PRIORITIES

PRO-POLLUTER PANDEMIC PRIORITIES

Trump has prioritized coronavirus stimulus programs shaped by oil lobbyists to give $2 billion (and counting) to oil companies

Banks push back on OCC’s bid to ban lending bias

Banks push back on OCC’s bid to ban lending bias

The industry is asking for more time to comment on a regulatory proposal that aims to prohibit banks from denying services to oil and gas companies and other firms in politically sensitive ...

Big Oil’s $100 Billion Bender

Big Oil’s $100 Billion Bender

$10,750.0 Calumet $200.0 Centennial $127.1 Cheniere $3,500.0 Chevron $12,000.0 Citgo $1,125.0 Colonial Pipelines $600.0 Comstock $800.0 Concho $500.0 Diamondback $500.0 Enbridge $1,000.0 ...

Democratize Finance, Euthanize the Fossil Fuel Industry

Democratize Finance, Euthanize the Fossil Fuel Industry

The Green New Deal won't get far if it's left hostage to the whims of private finance. We need to set up public banks and democratize the Federal Reserve.

Landmark Fed business rescue struggles amid economy's woes

Landmark Fed business rescue struggles amid economy's woes

The problem? The Main Street lending program isn't set up to bail out the companies that need it the most.

U.S. Fossil Fuel Pandemic Bailouts Climb Past $15 Billion

U.S. Fossil Fuel Pandemic Bailouts Climb Past $15 Billion

A new report from BailoutWatch, Friends of the Earth, and Public Citizen shows fossil fuel pandemic bailouts have climbed past $15 billion.

Coronavirus Bailouts Stoke Climate Change

Coronavirus Bailouts Stoke Climate Change

Not only is bailing out fossil fuel companies bad public policy, it makes little economic sense.

Nearly a fifth of US emissions come from public lands. A new House bill aims to cut them to zero by 2040.

Nearly a fifth of US emissions come from public lands. A new House bill aims to cut them to zero by 2040.

The House Natural Resources Committee just introduced one of the most aggressive climate bills of the current Congress.

Republican Senators Want to Help Coal Get U.S. Bailout Money (1)

Republican Senators Want to Help Coal Get U.S. Bailout Money (1)

A group of powerful Republican senators wants to make sure the bailout program being administered by BlackRock Inc. on behalf of the federal government won’t leave fossil-fuel companies ...

Could Climate Change Spark a Financial Crisis? Candidates Warn Fed It’s a Risk

Could Climate Change Spark a Financial Crisis? Candidates Warn Fed It’s a Risk

Some of the Democrats running for president are urging the U.S. central bank to actively confront climate risks to protect the nation's financial system.