Democrats Seek To Force Fed To Clamp Down On Banks’ Fossil Fuel Finance

Three House Democrats are introducing legislation that would require the Federal Reserve to curb banks’ fossil fuel investments as a way to address climate change, with the bill adding to calls on the left for President Joe Biden to replace Fed Chairman Jerome Powell when his term ends in February, in part because they say he has not done enough on climate. Powell and other Fed officials have said they are weighing the long-term effect of climate change on financial...