Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
As banks retreat from fossil fuels, a Trump regulator says 'stop'
https://www.msn.com/en-us/news/politics/as-banks-retreat-from-fossil-fuels-a-trump-regulator-says-stop/ar-BB1cRSfi?ocid=PeregrineThe Trump administration on Thursday said big banks can't deny loans to entire industries including fossil fuel companies and private prisons, ignoring criticism from lenders, investors, consumer groups, Democrats and some conservatives.
The rule, issued by acting Comptroller of the Currency Brian Brooks on his last day in office, was finalized at lightning speed as the Trump administration winds down, and its critics widely expect the Biden administration or congressional Democrats to render it void.
The agency received nearly 37,000 comments on the rule, many dense with technical material, yet finalized it only 10 days after the comment period closed on Jan. 4.
“The rule lacks both logic and legal basis, it ignores basic facts about how banking works, and it will undermine the safety and soundness of the banks to which it applies,” Bank Policy Institute head Greg Baer said in a statement. “Its substantive problems are outweighed only by the egregious procedural failings of the rulemaking process, and for these reasons it is unlikely to withstand scrutiny.” BPI represents large banks. (much more at link - go read it!)
The rule, issued by acting Comptroller of the Currency Brian Brooks on his last day in office, was finalized at lightning speed as the Trump administration winds down, and its critics widely expect the Biden administration or congressional Democrats to render it void.
The agency received nearly 37,000 comments on the rule, many dense with technical material, yet finalized it only 10 days after the comment period closed on Jan. 4.
“The rule lacks both logic and legal basis, it ignores basic facts about how banking works, and it will undermine the safety and soundness of the banks to which it applies,” Bank Policy Institute head Greg Baer said in a statement. “Its substantive problems are outweighed only by the egregious procedural failings of the rulemaking process, and for these reasons it is unlikely to withstand scrutiny.” BPI represents large banks. (much more at link - go read it!)
As it points out further down the article, this rule isn't just about oil, it's about payday lenders, gun manufacturers, and for-profit prisons. “These are the people that they're rising to the defense of during their last days of power."