Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, Congressman Sean Casten (D-IL), Vice Ranking Member of the Committee, and 39 other Members sent a letter to the Chief Executive Officers of leading U.S. financial institutions, including Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Northern Trust, BlackRock, Franklin Templeton Investments, State Street Global Advisors, PIMCO, and Invesco. The letter follows recent decisions by U.S. financial institutions and investment companies to abandon their previous commitments to combat climate change amidst growing political pressure from the Trump Administration Congressional Republicans.

In the letter, the lawmakers criticize the companies for withdrawing from several global coalitions of leading companies committed to combating climate change, particularly in light of our nation’s worsening climate crisis. In fact, 2024 was the hottest year on record, with natural disasters increasing in frequency and severity, causing billions in damages. The letter also highlights the past findings of key financial regulators that have repeatedly flagged climate risk as a rising threat to the economy and U.S. financial stability. For example, the Financial Stability Oversight Council identified climate risk in its 2022, 2023, and 2024 reports, urging financial institutions to manage their exposure to climate-related risks. Similarly, in 2023, the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency reaffirmed that climate change poses a significant risk to the stability of financial institutions and the broader economy. 

“We write to express disappointment over your company’s decision to backtrack on its climate goals in response to political pressure and the influence of fossil fuel special interests. Your organization recently withdrew from a coalition of leading global companies committed to taking significant actions to address the serious financial threats posed by climate change. Ignoring climate change’s destabilizing effects on the economy is not an option,” wrote the lawmakers. “…It bears repeating that climate risk is financial risk, a fact acknowledged by investors, asset managers, businesses, and regulators, including many of your organizations.”

The lawmakers also underscore the negative consequences of turning a blind eye to their climate commitments which will exacerbate financial risks and as a result, directly affect how investors allocate their funds.

“Financial institutions contribute to the emissions of nearly every business sector, making your organization a crucial player in limiting the average global temperature rise and seizing the economic opportunities presented by the transition to a low-carbon economy. Moreover, as top financiers of fossil fuels, a failure to address financed emissions could expose banks to long-term climate impacts, including the risk of stranded assets,” added the lawmakers.

In closing, the lawmakers emphasize the importance of climate coalitions and commitments, and request the CEOs provide detailed answers by May 29, 2025 to a series of questions, including explanations for their reversal on climate commitments, what they are currently doing to achieve previously stated net-zero carbon emissions goals, and the nature of their correspondence with the Trump Administration.

See the letter HERE.

Full list of signers: Representatives: Maxine Waters (D-CA), Sean Casten (D-IL), Yassamin Ansari (D-AZ), Joyce Beatty (D-OH), Donald Beyer (D-VA), Suzanne Bonamici (D-OR), Julia Brownley (D-CA), Kathy Castor (D-FL), Emanuel Cleaver (D-MO), Dwight Evans (D-PA), Cleo Fields (D-LA), Valerie Foushee (D-NC), Jesús García (D-IL), Sylvia Garcia (D-TX), Al Green (D-TX), Jared Huffman (D-CA), Pramila Jayapal (D-WA), Henry Johnson (D-GA), Ro Khanna (D-CA), Summer Lee (D-PA), Ted Lieu (D-CA), Zoe Lofgren (D-CA), Stephen Lynch (D-MA), Seth Magaziner (D-RI), Doris Matsui (D-CA), James McGovern (D-MA), Gwen Moore (D-WI), Jerrold Nadler (D-NY), Eleanor Norton (D-DC), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Ayanna Pressley (D-MA), Delia Ramirez (D-IL), Janice Schakowsky (D-IL), Rashida Tlaib (D-MI), Jill Tokuda (D-HI), Paul Tonko (D-NY), Juan Vargas (D-CA), Nydia Velázquez (D-NY), Bonnie Watson Coleman (D-NJ), Nikema Williams (D-GA).

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