In the latest rule being shoved through before this Administration gets the hook, a “fair access for financial services” rule would make it harder for big banks to deny funding for drillers of ANWR. Characterizing opposition to this new rule as “redlining for the left,” it does raise the question of what financial institutions can do towards reducing fossil fuels exploration. The rule purports that whole industries cannot be discriminated against. On the other hand, banks are justifiably concerned about cost and risk due to the volatility of oil prices and difficulty of getting pipelines approved. The assertion that the banks are doing this for political reasons alone just doesn’t seem valid.
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