(RoyalPatriot.com )- The CEO of the Florida Bankers Association warned this week that President Joe Biden and his mad climate policies are effectively the “kiss of death” to small banks. Alex Sanchez described how Democrats demanding banks to produce hugely expensive and resource-consuming reports of how their clients impact the environment might be possible for the biggest banks, but would simply cost too much time and money for smaller banks.
Sanchez told Fox News how most small community banks simply won’t be able to afford the cost of the annual report, either putting them out of business or making them fall foul of the law.
He explained that his advice to the Biden administration would be that if they want to make changes on disclosures relating to the green energy industry, his administration should ask fossil fuel companies to provide disclosures instead.
It would make more sense, too. If fossil fuel is the Biden administration’s target – whether that’s right or wrong – why isn’t the Biden administration putting the pressure on those companies, rather than small banks with who they do business?
The cost to regional and community banks, Sanchez said, would be astronomical and would require hiring experts to produce and oversee the reports.
He warned that hiring an expert could cost as much as $200,000 per year to oversee the carbon emissions of a bank’s customers, which is simply unaffordable for most.
The idea to put pressure on the banks came from former Secretary of State and current climate czar John Kerry. His ideas on changing how the banking system works with regards to fossil fuel companies have come under great scrutiny recently, with treasurers from 15 states warning that they could withdraw assets from banks that reduce loans to fossil fuel companies – which is another Kerry proposal.
The state treasurers warned the Biden administration that they would put pressure on banks and financial institutions not to give in to the pressure from the Biden administration.
This could become one big game of chicken – but unfortunately, John Kerry is pretty set on transforming the American economy in accordance with the Green New Deal.