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WASHINGTON – At a Senate Banking Committee hearing today, U.S. Senator Kevin Cramer (R-ND) pressed the CEOs of six major U.S. banks about their policies regarding providing financial services to certain sectors of the energy industry. Senator Cramer began by asking Citigroup CEO Jane Fraser whether her company is focused on reducing carbon emissions or reducing the use of coal.

“There’s a very important balance here between energy policy and the economy, and we’re making sure the transition [in energy sources] achieves both goals,” she said.

“I always like hearing the word ‘transition.’ I believe that the United States of America is the solution in the transition. I submit to you that the global [energy] demand is increasing and many of the policies my friends on the left want to promote simply transfer climate guilt to other countries,” replied Senator Cramer. “I would submit that investing in the fossil energy sector in the United States of America is the single best way to lower carbon emissions globally.”

Senator Cramer then pivoted to discussing policies by big banks which discriminate against legal, constitutionally-protected industries. The senator has been an advocate for equal access to financial services offered by big banks, specifically in reference to the energy industry. Senator Cramer is leading the Fair Access to Banking Act, a bill backed by over 30 senators and a wide array of stakeholders, which would prevent financial service providers from discriminating against constitutionally-protected industries and law-abiding, credit worthy businesses. It builds off of the Trump Administration’s Fair Access Rule and expands on legislation Senator Cramer introduced last Congress. Learn more here.

“When a policy says, ‘We won’t invest anymore in anybody that uses more than 5% coal to generate electricity,’ I would say, ‘Well what if that coal generated electricity that has zero emissions in ten years from now because of technology?’” said Senator Cramer.

“We have a tendency in our culture today, for whatever reason, to think of energy as an industry sector over here and we can just set it aside, and the manufacturing, transportation, infrastructure, and tech industry we can deal with over there, and we simply cannot,” concluded Senator CramerMy pledge to you is I want to help you all be part of the solution to this transition of lowering emissions, and I would say that is going to involve a lot of investment in the United States of America energy sector, including fossil energy.”

This hearing follows meetings Senator Cramer has hosted this past month with JP Morgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Wells Fargo President and CEO Charlie Scharf, Citigroup CEO Jane Fraser, Visa CEO Alfred Kelly, Jr., and Bank of America CEO Brian Moyniham.  Senator Cramer previewed the hearing on Fox Business this morning. 

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