Banks Threaten “Less Access to Credit” In Response to Federal Debt Relief for Black Farmers

Banks Threaten “Less Access to Credit” In Response to Federal Debt Relief for Black Farmers

Black farmers have been hit the hardest by industry consolidation, predatory loan terms, and high foreclosure rates. Now, an effort by the Biden administration to provide $4 billion in debt relief for minority farmers is being met with staunch opposition from banks, who don’t want the financial support to Black farmers to cut into their profits on the loans.

Why This Matters: Since 1920, the number of Black-owned farms has declined from one million to under 40,000.

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House Republicans Push Back On The Fed’s Efforts to “Green” US Financial Institutions

House Republicans Push Back On The Fed’s Efforts to “Green” US Financial Institutions

Politico reports that 47 Republican Members of Congress wrote the Chair of the Federal Reserve Board, Jerome Powell, to urge that the Fed refrain from requiring banks to conduct “stress” tests to determine their vulnerability to climate change. 

Why This Matters:  Really?  Does failing to test the ability of banks to withstand a major financial risk make the risk go away?  This is climate denial that will really cost our economy.

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