{"id":118459,"date":"2021-04-12T21:02:49","date_gmt":"2021-04-12T21:02:49","guid":{"rendered":"https:\/\/www.radiofree.org\/?p=185406"},"modified":"2021-04-12T21:02:49","modified_gmt":"2021-04-12T21:02:49","slug":"us-voters-support-strong-government-and-corporate-action-to-curb-wall-streets-climate-impacts","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/04\/12\/us-voters-support-strong-government-and-corporate-action-to-curb-wall-streets-climate-impacts\/","title":{"rendered":"US Voters Support Strong Government and Corporate Action to Curb Wall Street’s Climate Impacts"},"content":{"rendered":"
WASHINGTON – Today, a new set of polling released by Data for Progress<\/a> shows that US voters overwhelmingly support the federal government taking strong action to curb the climate impact of Wall Street in order to prevent economic crises driven by the financing of fossil fuels and other risky, high-emitting sectors.<\/p>\n The polling shows that voters want the Biden administration to apply its \u201cwhole-of-government\u201d approach \u2014 including action by the Treasury Department, the SEC, the Federal Reserve, and other financial regulators\u2014to implement climate finance reforms that prevent major US banks and other financial institutions from further exacerbating the climate crisis and its economic ramifications. <\/p>\n Additionally, the polling shows that the vast majority US voters across demographic lines want more transparency about their bank or other financial institutions\u2019 contributions to climate change, and they believe that Wall Street firms\u2019 long-term climate pledges \u2014 such as the recent wave of \u201cnet zero by 2050\u201d commitments \u2014 are not credible without concrete action plans. <\/p>\n Key findings from the polling include:<\/p>\n More details from the poll are available HERE<\/a>.<\/p>\n The new findings come as the Biden administration is reportedly<\/a> finalizing an executive order to \u201cdevelop a strategy on climate-related risks for public and private financial assets.\u201d Members of the Biden administration, such as Treasury Secretary Yellen<\/a> and Acting SEC Chair Lee<\/a>, have begun to highlight climate change as a key financial risk issue. However, climate actions by US financial regulators have been minimal thus far, and several key climate finance positions<\/a> still remain unfilled. <\/p>\n Climate and financial reform advocates have put forward numerous policy recommendations in recent weeks and months, including, among others: Public Citizen and Americans for Financial Reform\u2019s \u201cClimate Roadmap for U.S. Financial Regulation<\/a>\u201d report, Evergreen Action\u2019s five steps for SEC<\/a> and Treasury<\/a>, and Stop the Money Pipeline\u2019s priorities for the Biden administration<\/a>.<\/p>\n In response to the new polling data, members of the Stop the Money Pipeline<\/a> coalition issued the following statements:<\/p>\n Ben Cushing, Financial Advocacy Campaign Manager, Sierra Club<\/strong>: \u201cThe American people have paid the price before when Wall Street’s risky and destructive practices have gone unchecked, and they clearly don’t want to do it again. The Biden administration has made bold climate commitments and indicated it will treat climate change as a financial risk issue; this new polling shows it also has the overwhelming support of US voters to act on these promises. There\u2019s no time to waste.\u201d<\/p>\n Moira Birss, Climate and Finance Director, Amazon Watch<\/strong>: \u201cClimate policy has so far been left to markets, and now we\u2019re in a climate crisis. It\u2019s time that the US government take the reins back from Wall Street so we can assure the rapid, justice-centered decarbonization necessary for a livable planet.\u201d<\/p>\n Erika Thi Patterson, Climate and Environmental Justice Director, Action Center on Race and the Economy<\/strong>: \u201cWall Street has been financing environmental racism and climate destruction in Black, Brown, and Indigenous communities for generations. We can\u2019t trust these institutions to self-regulate us out of a climate crisis or to address decades of harm to frontline communities of color. The majority of voters want the federal government to stand up to Wall Street to protect front-line communities and our planet from further climate disaster.\u201d <\/p>\n Yevgeny Shrago, Policy Counsel, Public Citizen<\/strong>: \u201cBanks, insurers and asset managers have been gambling with our health and our future for too long. Financial regulators have an obligation to use all of the tools that they already have to immediately start protecting the financial system and front-line communities from Wall Street\u2019s contributions to climate chaos.\u201d<\/p>\n Jason Ope\u00f1a Disterhoft, Climate and Energy Senior Campaigner, Rainforest Action Network<\/strong>: \u201cBy a ratio of 2.5 to 1, Americans say that financial institutions\u2019 2050 commitments are \u2018empty promises\u2019 without a concrete action plan. Unless they start to immediately phase out their fossil and deforestation financing, banks\u2019 2050 pledges will continue to be met with fully justified skepticism.\u201d <\/p>\n Tracey Lewis, Senior Policy Analyst, 350.org<\/a><\/strong>: \u201cIt is clear, a majority of Americans want our Central Bank to do their job, and protect the economy from climate chaos. The people are tired of the Federal Reserve\u2019s knee-jerk reflex of bailing out Wall Street, while dragging their feet on managing climate risk. It\u2019s high-time for some meaningful action from the Fed.\u201d<\/p>\n Dorothy Slater, Research Assistant, Revolving Door Project<\/strong>: \u201cThe American public has made clear it is hungry for legitimate financial regulation to confront the global climate crisis. Industry pressure on financial regulators to avoid inconvenient disruptions to their business models will be enormous, so we need strong climate leaders throughout the executive branch who are on the public\u2019s side. Details are consequential here, and we can\u2019t afford regulators who side with Wall Street over the planet.\u201d<\/p>\n Further background:<\/strong><\/p>\n Read the full polling memo from Data for Progress here.<\/a><\/p>\n Find shareable graphics of all the topline findings from Data for Progress here.<\/a><\/p>\n\n\n