Amid
Environmental
Claims by
Administration
Bank
Regulators
Ignore
Pollution on
Mergers
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL COURT,
June 4 – The Biden
Administration has ordered all
"federal agencies to consider
and report on measures to
ameliorate and prevent
disproportionate negative
environmental and health
impacts on historically
marginalized communities."
But what
does it mean, for the bank
regulators?
Take for example
the Federal Reserve Board,
which has routinely ignored,
and official stated it can and
will ignore, environmental
justice, and even despite its
claims, climate
change. For
example in approving BMO
Harris' application to acquire
Bank of the West - protested
by Fair Finance Watch and
Inner City Press - ruled that
"Some commenters
expressed concerns regarding
the amount of funding that BNP
Paribas and Bank of Montreal
have provided to fossil-fuel
companies, while one commenter
requested that the combined
organization publish annual
disclosures related to
environmental issues. In
addition, one commenter
expressed concern that BOTW
had not disclosed information
regarding the diversity of its
employees. These comments
concern matters that are
outside the scope of the
limited statutory factors that
the Board is authorized to
consider when reviewing an
application under the BHC Act.
See Western Bancshares, Inc.
v. Board of Governors, 480
F.2d 749 (10th Cir.
1973)."
Inner City Press
wrote, The Fed sure loves that
1973 case. It's time to amend
the BHC Act and CRA to provide
a private right of action and
of judicial review.
But what
about the Biden
Administration's Executive
Order? It doesn't only apply
to the FDIC and OCC - it
references independent
regulatory agencies. Watch
this site.
***
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