‘That Would Be the Road to Hell for America’: Bank CEOs Push Back Against Radical Climate Demands From Rep. Tlaib

Rep. Rashida Tlaib (D-Mich.) met with resistance when she asked the CEOs of America’s seven biggest banks, during their testimony before Congress on Sept. 21, about the elimination of funding for fossil fuel investments.

“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net-zero in 2050 … So no new fossil fuel production, starting today, so that’s like zero. I would like to ask all of you, and go down the list, because again, you all have agreed to doing this. Please answer with a simple yes or no: does your bank have a policy against funding new oil and gas products, Mr. Diamond?” Tlaib asked.

Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., said, “Absolutely not, and that would be the road to hell for America.”

“Yea. That’s fine. That’s fine,” Tlaib responded. “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 continued, “The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it,” before moving on to the other bankers.

“We will continue to invest in and support clients who are investing in fossil fuels and in helping them transition to cleaner energies,” Jane Fraser, CEO of Citigroup, said.

Brian Moynihan, CEO of Bank of America, voiced a similar stance, and said, “We are helping our clients make a transition, and that means we’re lending to both oil and gas companies and to new energy companies and helping monitor their course toward the standards you’re talking about.”

Charles Scharf, president and CEO of

*As an Amazon Associate I earn from qualifying purchases