Despite growing opposition to Environmental, Social, and Governance (ESG) investment practices, government agencies are colluding with Big Business to mandate the assessment of climate change risk in financial investments.
The Federal Reserve Board recently announced a partnership with the nation’s six largest banks to pilot a “climate scenario analysis exercise” to measure and track climate-related financial risks. The program will commence in early 2023 and conclude by the year’s end. The six participating banks include Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo — banks that are sipping the ESG Kool-Aid and have discouraged the financing of domestic oil and gas projects.
ESG funds have been shown to greatly contribute to and perpetuate inflation.
This comes after the Biden administration’s Financial Stability Oversight Council identified climate change as a threat to financial stability. While the agency claims the pilot analysis will identify risks and promote risk management practices, the announcement warns that “no firm-specific information will be released” after this exercise concludes.
With the Federal Reserve already raising interest rates in response to inflation, this policy will only undermine our central banking system.