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Pumpjacks on Lost Hills Oil Field in California on Route 46.
(Photo: Arne Huckelheim, Wikimedia Commons)
Former Federal Reserve Governor Rebukes Central Bank for Bailing Out 'Dying' Fossil Fuel Industry
"If polluters want to deny the existence of the ongoing bailout, Congress should swiftly repeal these blatant corporate tax giveaways and make fossil fuels ineligible for stimulus lending programs."
May 28, 2020
A former Federal Reserve board of governors member on Thursday called on her former colleagues to stop using Covid-19 relief funds to bail out the "dying" fossil fuel industry, calling the decision a threat to the planet's climate and a misguided use of taxpayer money.
"These concessions to the fossil fuel industry are a risky investment in the past," Sarah Bloom Raskin wrote in a New York Times op-ed. "The Fed is ignoring clear warning signs about the economic repercussions of the impending climate crisis by taking action that will lead to increases in greenhouse gas emissions at a time when even in the short term, fossil fuels are a terrible investment."
\u201cThe last thing the Fed should be doing is bailing one of world's riskiest industries \u2014 fossil fuels.\n\nWe know Big Oil needs to cease existing very soon \u2014 spending billions rescuing it is unfathomably risky. #NoBigOilBailout\n\nGreat piece by @SBloomRaskin:\n\nhttps://t.co/xipqfk9Cdx\u201d— Collin Rees (@Collin Rees) 1590674046
Raskin's opinion piece sparked praise from climate campaigners like 350.org co-founder Jamie Henn.
"This should cause some waves," Henn tweeted.
Henn on Thursday penned an opinion piece for Common Dreams arguing that Mike Sommers, CEO of the American Petroleum Institute (API), is spewing lies to the public when he claims the industry doesn't want--and hasn't actively pushed for--a bailout from the Fed.
As Henn wrote:
The truth is that despite Sommer's best efforts to spin a fairytale about oil companies tightening their belts and lifting themselves up by their bootstraps, corporate socialism is exactly what API wants. In fact, the fossil fuel industry, and the American Petroleum Institute in particular, have been at the forefront of corporate efforts to profit off the coronavirus pandemic and government relief efforts.
Climate advocacy group Friends of the Earth program manager Lukas Ross, in a statement Wednesday, also rejected Sommers' protestations.
"Oil lobbyists are spewing blatant lies, and we have the receipts," said Ross. "Big Oil has already nabbed $1.9 billion in giveaways thanks to corporate tax cuts from the last stimulus."
"If polluters want to deny the existence of the ongoing bailout," Ross added, "Congress should swiftly repeal these blatant corporate tax giveaways and make fossil fuels ineligible for stimulus lending programs."
\u201cOil, gas, and coal companies are set to receive billions in federal aid from both the #PPP and #CARESAct. Many of these companies were in financial trouble long before the pandemic. \n\nIt\u2019s simple: the @federalreserve is adding fuel to the climate crisis.\n\nhttps://t.co/oGxCYCgAG0\u201d— Western Values Project (@Western Values Project) 1590689264
The bailout is presenting taxpayers with a burden, Raskin wrote, citing the industry's debt and unsustainable business model.
"For taxpayers, shouldering these liabilities is a bad deal," wrote Raskin. "Buying this bad debt is not likely to support the creation of jobs or even ensure that existing jobs survive."
Friends of the Earth agreed.
"Trump's administration has been exploiting this pandemic to bailout Big Oil companies that have been struggling long before coronavirus," the group tweeted.
The pandemic, wrote Raskin, "provides an unexpected opportunity to build an economy that is stronger in the long term."
"The decisions that the Fed makes today will go a long way to determining whether tomorrow's economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience," she wrote.
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big oilus congresspandemicfossil fuelsgreenhouse gas emissionscovid-19jamie hennbailoutfederal reservefriends of the earthcoronavirus350.orgsarah bloom raskin
A former Federal Reserve board of governors member on Thursday called on her former colleagues to stop using Covid-19 relief funds to bail out the "dying" fossil fuel industry, calling the decision a threat to the planet's climate and a misguided use of taxpayer money.
"These concessions to the fossil fuel industry are a risky investment in the past," Sarah Bloom Raskin wrote in a New York Times op-ed. "The Fed is ignoring clear warning signs about the economic repercussions of the impending climate crisis by taking action that will lead to increases in greenhouse gas emissions at a time when even in the short term, fossil fuels are a terrible investment."
\u201cThe last thing the Fed should be doing is bailing one of world's riskiest industries \u2014 fossil fuels.\n\nWe know Big Oil needs to cease existing very soon \u2014 spending billions rescuing it is unfathomably risky. #NoBigOilBailout\n\nGreat piece by @SBloomRaskin:\n\nhttps://t.co/xipqfk9Cdx\u201d— Collin Rees (@Collin Rees) 1590674046
Raskin's opinion piece sparked praise from climate campaigners like 350.org co-founder Jamie Henn.
"This should cause some waves," Henn tweeted.
Henn on Thursday penned an opinion piece for Common Dreams arguing that Mike Sommers, CEO of the American Petroleum Institute (API), is spewing lies to the public when he claims the industry doesn't want--and hasn't actively pushed for--a bailout from the Fed.
As Henn wrote:
The truth is that despite Sommer's best efforts to spin a fairytale about oil companies tightening their belts and lifting themselves up by their bootstraps, corporate socialism is exactly what API wants. In fact, the fossil fuel industry, and the American Petroleum Institute in particular, have been at the forefront of corporate efforts to profit off the coronavirus pandemic and government relief efforts.
Climate advocacy group Friends of the Earth program manager Lukas Ross, in a statement Wednesday, also rejected Sommers' protestations.
"Oil lobbyists are spewing blatant lies, and we have the receipts," said Ross. "Big Oil has already nabbed $1.9 billion in giveaways thanks to corporate tax cuts from the last stimulus."
"If polluters want to deny the existence of the ongoing bailout," Ross added, "Congress should swiftly repeal these blatant corporate tax giveaways and make fossil fuels ineligible for stimulus lending programs."
\u201cOil, gas, and coal companies are set to receive billions in federal aid from both the #PPP and #CARESAct. Many of these companies were in financial trouble long before the pandemic. \n\nIt\u2019s simple: the @federalreserve is adding fuel to the climate crisis.\n\nhttps://t.co/oGxCYCgAG0\u201d— Western Values Project (@Western Values Project) 1590689264
The bailout is presenting taxpayers with a burden, Raskin wrote, citing the industry's debt and unsustainable business model.
"For taxpayers, shouldering these liabilities is a bad deal," wrote Raskin. "Buying this bad debt is not likely to support the creation of jobs or even ensure that existing jobs survive."
Friends of the Earth agreed.
"Trump's administration has been exploiting this pandemic to bailout Big Oil companies that have been struggling long before coronavirus," the group tweeted.
The pandemic, wrote Raskin, "provides an unexpected opportunity to build an economy that is stronger in the long term."
"The decisions that the Fed makes today will go a long way to determining whether tomorrow's economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience," she wrote.
A former Federal Reserve board of governors member on Thursday called on her former colleagues to stop using Covid-19 relief funds to bail out the "dying" fossil fuel industry, calling the decision a threat to the planet's climate and a misguided use of taxpayer money.
"These concessions to the fossil fuel industry are a risky investment in the past," Sarah Bloom Raskin wrote in a New York Times op-ed. "The Fed is ignoring clear warning signs about the economic repercussions of the impending climate crisis by taking action that will lead to increases in greenhouse gas emissions at a time when even in the short term, fossil fuels are a terrible investment."
\u201cThe last thing the Fed should be doing is bailing one of world's riskiest industries \u2014 fossil fuels.\n\nWe know Big Oil needs to cease existing very soon \u2014 spending billions rescuing it is unfathomably risky. #NoBigOilBailout\n\nGreat piece by @SBloomRaskin:\n\nhttps://t.co/xipqfk9Cdx\u201d— Collin Rees (@Collin Rees) 1590674046
Raskin's opinion piece sparked praise from climate campaigners like 350.org co-founder Jamie Henn.
"This should cause some waves," Henn tweeted.
Henn on Thursday penned an opinion piece for Common Dreams arguing that Mike Sommers, CEO of the American Petroleum Institute (API), is spewing lies to the public when he claims the industry doesn't want--and hasn't actively pushed for--a bailout from the Fed.
As Henn wrote:
The truth is that despite Sommer's best efforts to spin a fairytale about oil companies tightening their belts and lifting themselves up by their bootstraps, corporate socialism is exactly what API wants. In fact, the fossil fuel industry, and the American Petroleum Institute in particular, have been at the forefront of corporate efforts to profit off the coronavirus pandemic and government relief efforts.
Climate advocacy group Friends of the Earth program manager Lukas Ross, in a statement Wednesday, also rejected Sommers' protestations.
"Oil lobbyists are spewing blatant lies, and we have the receipts," said Ross. "Big Oil has already nabbed $1.9 billion in giveaways thanks to corporate tax cuts from the last stimulus."
"If polluters want to deny the existence of the ongoing bailout," Ross added, "Congress should swiftly repeal these blatant corporate tax giveaways and make fossil fuels ineligible for stimulus lending programs."
\u201cOil, gas, and coal companies are set to receive billions in federal aid from both the #PPP and #CARESAct. Many of these companies were in financial trouble long before the pandemic. \n\nIt\u2019s simple: the @federalreserve is adding fuel to the climate crisis.\n\nhttps://t.co/oGxCYCgAG0\u201d— Western Values Project (@Western Values Project) 1590689264
The bailout is presenting taxpayers with a burden, Raskin wrote, citing the industry's debt and unsustainable business model.
"For taxpayers, shouldering these liabilities is a bad deal," wrote Raskin. "Buying this bad debt is not likely to support the creation of jobs or even ensure that existing jobs survive."
Friends of the Earth agreed.
"Trump's administration has been exploiting this pandemic to bailout Big Oil companies that have been struggling long before coronavirus," the group tweeted.
The pandemic, wrote Raskin, "provides an unexpected opportunity to build an economy that is stronger in the long term."
"The decisions that the Fed makes today will go a long way to determining whether tomorrow's economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience," she wrote.
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LATEST NEWS
Newsom Says He's Moving Ahead With New California Maps That 'Will Be Devastating for MAGA'
"California will now draw new, more 'beautiful maps,'" wrote Newsom's press office in a Trump-style social media post.
Aug 13, 2025
The office of Democratic California Gov. Gavin Newsom on Tuesday night revealed that the governor was going ahead with plans to redraw California's congressional map with the goal of counteracting Republicans' planned mid-decade gerrymander in Texas.
In a post on X, Newsom's press office made the announcement while openly parodying the social media posting style of U.S. President Donald Trump.
"DONALD 'TACO' TRUMP, AS MANY CALL HIM, 'MISSED' THE DEADLINE!!!" the post began. "CALIFORNIA WILL NOW DRAW NEW, MORE 'BEAUTIFUL MAPS,' THEY WILL BE HISTORIC AS THEY WILL END THE TRUMP PRESIDENCY (DEMS TAKE BACK THE HOUSE!). BIG PRESS CONFERENCE THIS WEEK WITH POWERFUL DEMS AND GAVIN NEWSOM—YOUR FAVORITE GOVERNOR—THAT WILL BE DEVASTATING FOR 'MAGA.' THANK YOU FOR YOUR ATTENTION TO THIS MATTER!"
The announcement came less than two days after Newsom sent a letter to Trump warning the president that he was "playing with fire" by pushing Texas to draw a new map that independent analysts have estimated could net Republicans five additional seats in the U.S. House of Representatives.
At the time, Newsom also left open the possibility of backing off his threat to redraw California's map if Texas did likewise.
"If you will not stand down I will be forced to lead an effort to redraw the maps in California to offset the rigging of maps in red states," Newsom said. "But if the other states call off their redistricting efforts, we will happily do the same. And American democracy will be better for it."
Newsom then informed Trump that he had until late Tuesday to respond to his letter before the California governor took action.
Before redrawing California's map, however, Newsom would have to undo his state's current redistricting process through a special ballot initiative this fall, as for years California's districts have been determined by an independent commission.
As the gerrymandering wars have escalated, pro-democracy watchdog Common Cause this week unveiled a new set of standards for any redistricting effort that includes measures such as using independent commissions and avoiding racial discrimination aimed at reducing the political power of minorities throughout the country.
Trump Labor Statistics Pick Called Social Security a 'Ponzi Scheme' That Should Be Shuttered
"Bureau of Labor Statistics data is what determines the annual cost-of-living adjustment for Social Security benefits," said Rep. John Larson. "It should alarm everyone when a yes-man determined to end Social Security is installed in this position."
Aug 13, 2025
U.S. President Donald Trump's pick to replace the top labor statistics official he fired earlier this month has called Social Security a "Ponzi scheme" that needs to be "sunset," comments that critics said further disqualify the nominee for the key government role.
During a December 2024 radio interview, Heritage Foundation economist E.J. Antoni said it is a "mathematical fiction" that Social Security "can go on forever" and called for "some kind of transition program where unfortunately you'll need a generation of people who pay Social Security taxes, but never actually receive any of those benefits."
"That's the price to pay for unwinding a Ponzi scheme that was foisted on the American people by the Democrats in the 1930s," Antoni continued. "You're not going to be able to sustain a Ponzi scheme like Social Security. Eventually, you need to sunset the program."
Trump's choice for the Commissioner of the Bureau Labor Statistics called Social Security a "Ponzi scheme" in an interview:
" What you need to do is have some kind of transition program where unfortunately you'll need a generation of people who pay Social Security taxes, but… pic.twitter.com/MXL7k1C644
— More Perfect Union (@MorePerfectUS) August 12, 2025
Rep. John Larson (D-Conn.), one of Social Security's most vocal defenders in Congress, said Antoni's position on the program matters because "Bureau of Labor Statistics data is what determines the annual cost-of-living adjustment for Social Security benefits."
"It should alarm everyone when a yes-man determined to end Social Security is installed in this position," Larson said in a statement. "I call on every Senate Republican to stand with Democrats and reject this extreme nominee—before our seniors are denied the benefits they earned through a lifetime of hard work."
Trump announced Antoni's nomination to serve as the next commissioner of the Bureau of Labor Statistics (BLS) less than two weeks after the president fired the agency's former head, Erika McEntarfer, following the release of abysmal jobs figures. The firing sparked concerns that future BLS data will be manipulated to suit Trump's political interests.
Antoni was a contributor to the far-right Project 2025 agenda that the Trump administration appears to have drawn from repeatedly this year, and his position on Social Security echoes that of far-right billionaire Elon Musk, who has also falsely characterized the program as a Ponzi scheme.
During his time in the Trump administration, Musk spearheaded an assault on the Social Security Administration that continues in the present, causing widespread chaos at the agency and increasing wait times for beneficiaries.
"President Trump fired the commissioner of Labor Statistics to cover up a weak jobs report—and now he is replacing her with a Project 2025 lackey who wants to shut down Social Security," said Larson. "E.J. Antoni agrees with Elon Musk that Social Security is a Ponzi scheme and said that middle-class seniors would be better off if it was eliminated."
US State Dept Releases 'Shameful' Human Rights Report Revamped to Shield Allies, Including Israel
"This sends a chilling message that the U.S. is willing to overlook some abuses, signaling that people experiencing human rights violations may be left to fend for themselves," said one Amnesty campaigner.
Aug 12, 2025
After leaked drafts exposed the Trump administration's plans to downplay human rights abuses in some allied countries, including Israel, the U.S. Department of State released the final edition of an annual report on Tuesday, sparking fresh condemnation.
"Breaking with precedent, Secretary of State Marco Rubio did not provide a written introduction to the report nor did he make remarks about it," CNN reported. Still, Amanda Klasing, Amnesty International USA's national director of government relations and advocacy, called him out by name in a Tuesday statement.
"With the release of the U.S. State Department's human rights report, it is clear that the Trump administration has engaged in a very selective documentation of human rights abuses in certain countries," Klasing said. "In addition to eliminating entire sections for certain countries—for example discrimination against LGBTQ+ people—there are also arbitrary omissions within existing sections of the report based on the country."
Klasing explained that "we have criticized past reports when warranted, but have never seen reports quite like this. Never before have the reports gone this far in prioritizing an administration's political agenda over a consistent and truthful accounting of human rights violations around the world—softening criticism in some countries while ignoring violations in others. The State Department has said in relation to the reports less is more. However, for the victims and human rights defenders who rely on these reports to shine light on abuses and violations, less is just less."
"Secretary Rubio knows full well from his time in the Senate how vital these reports are in informing policy decisions and shaping diplomatic conversations, yet he has made the dangerous and short-sighted decision to put out a truncated version that doesn't tell the whole story of human rights violations," she continued. "This sends a chilling message that the U.S. is willing to overlook some abuses, signaling that people experiencing human rights violations may be left to fend for themselves."
"Failing to adequately report on human rights violations further damages the credibility of the U.S. on human rights issues," she added. "It's shameful that the Trump administration and Secretary Rubio are putting politics above human lives."
The overarching report—which includes over 100 individual country reports—covers 2024, the last full calendar year of the Biden administration. The appendix says that in March, the report was "streamlined for better utility and accessibility in the field and by partners, and to be more responsive to the underlying legislative mandate and aligned to the administration's executive orders."
As CNN detailed:
The latest report was stripped of many of the specific sections included in past reports, including reporting on alleged abuses based on sexual orientation, violence toward women, corruption in government, systemic racial or ethnic violence, or denial of a fair public trial. Some country reports, including for Afghanistan, do address human rights abuses against women.
"We were asked to edit down the human rights reports to the bare minimum of what was statutorily required," said Michael Honigstein, the former director of African Affairs at the State Department's Bureau of Human Rights, Democracy, and Labor. He and his office helped compile the initial reports.
Over the past week, since the draft country reports leaked to the press, the Trump administration has come under fire for its portrayals of El Salvador, Israel, and Russia.
The report on Israel—and the illegally occupied Palestinian territories, the Gaza Strip and the West Bank—is just nine pages. The brevity even drew the attention of Israeli media. The Times of Israel highlighted that it "is much shorter than last year's edition compiled under the Biden administration and contained no mention of the severe humanitarian crisis in Gaza."
Since the Hamas-led October 7, 2023 attack on Israel, Israeli forces have slaughtered over 60,000 Palestinians in Gaza, according to local officials—though experts warn the true toll is likely far higher. As Israel has restricted humanitarian aid in recent months, over 200 people have starved to death, including 103 children.
The U.S. report on Israel does not mention the genocide case that Israel faces at the International Court of Justice over the assault on Gaza, or the International Criminal Court arrest warrants issued for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant for alleged war crimes and crimes against humanity.
The section on war crimes and genocide only says that "terrorist organizations Hamas and Hezbollah continue to engage in the
indiscriminate targeting of Israeli civilians in violation of the law of armed conflict."
As the world mourns the killing of six more Palestinian media professionals in Gaza this week—which prompted calls for the United Nations Security Council to convene an emergency meeting—the report's section on press freedom is also short and makes no mention of the hundreds of journalists killed in Israel's annihilation of the strip:
The law generally provided for freedom of expression, including for members of the press and other media, and the government generally respected this right for most Israelis. NGOs and journalists reported authorities restricted press coverage and limited certain forms of expression, especially in the context of criticism against the war or sympathy for Palestinians in Gaza.
Noting that "the human rights reports have been among the U.S. government's most-read documents," DAWN senior adviser and 32-year State Department official Charles Blaha said the "significant omissions" in this year's report on Israel, Gaza, and the West Bank render it "functionally useless for Congress and the public as nothing more than a pro-Israel document."
Like Klasing at Amnesty, Sarah Leah Whitson, DAWN's executive director, specifically called out the U.S. secretary of state.
"Secretary Rubio has revamped the State Department reports for one principal purpose: to whitewash Israeli crimes, including its horrific genocide and starvation in Gaza. The report shockingly includes not a word about the overwhelming evidence of genocide, mass starvation, and the deliberate bombardment of civilians in Gaza," she said. "Rubio has defied the letter and intent of U.S. laws requiring the State Department to report truthfully and comprehensively about every country's human rights abuses, instead offering up anodyne cover for his murderous friends in Tel Aviv."
The Tuesday release came after a coalition of LGBTQ+ and human rights organizations on Monday filed a lawsuit against the U.S. State Department over its refusal to release the congressionally mandated report.
This article has been updated with comment from DAWN.
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