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America's Biggest Bank Will Not Fund Arctic Refuge Drilling
“The fact that even the world’s worst fossil fuel banker wants nothing to do with Arctic Refuge drilling shows just how toxic an investment it would be.”
WASHINGTON
JPMorgan Chase, the largest bank in the United States, is reportedly announcing an updated energy policy that rules out financing for new oil and gas drilling in the Arctic, including the Arctic National Wildlife Refuge. The policy also rules out financing for new thermal coal mines and coal-fired power projects worldwide, though the bank failed to put any restrictions on other oil and gas, including fracking and controversial tar sands projects.
The update from Chase follows the release of a similar policy update by Goldman Sachs, as well as more than a dozen global banks. Over the last two years, leaders from the Gwich'in Steering Committee and the Sierra Club have met with representatives from major banks to discuss the threats fossil fuel operations pose to the Arctic Refuge and why action by the financial industry is necessary.
"The Trump administration is pulling out all the stops to sell off our homelands for drilling, so big banks have a critical role to play in either supporting the destruction of this sacred place or keeping it protected," said Bernadette Demientieff, Executive Director of the Gwich'in Steering Committee. "We're glad to see America's largest bank recognize that the Arctic Refuge is no place for drilling, and we hope that soon other banks and the oil companies they fund will follow along."
In the three years after the Paris Climate Agreement was adopted, Chase poured more than $196 billion into fossil fuels, more than any other bank, and has been the largest funder of Arctic oil and gas. Chase is a top target of the growing Stop the Money Pipeline coalition, which is working to hold major financial institutions accountable for their role in driving the climate crisis.
"The fact that even the world's worst fossil fuel banker wants nothing to do with Arctic Refuge drilling shows just how toxic an investment it would be. The public is watching, and any bank that supports destroying this unique landscape and trampling the human rights of the Gwich'in will face a powerful public backlash," said Sierra Club campaign representative Ben Cushing. "Now that Chase and Goldman Sachs have drawn a line in the sand, all eyes are on Wells Fargo, Citi, Morgan Stanley, and Bank of America. Who will be the last to recognize that financing drilling in the Arctic is an expensive risk that's not worth taking?"
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
(415) 977-5500LATEST NEWS
Sanders to Rally With Mamdani in Support of NY Progressive House Candidates
New York Mayor Zohran Mamdani said the progressive candidates would create "a Democratic Party driven by big ideas, not big money."
Jun 12, 2026
Sen. Bernie Sanders is planning to rally with New York City Mayor Zohran Mamdani to endorse a slate of progressive New York candidates for the US House of Representatives.
The New York Times reported on Friday that Sanders (I-Vt.), who was born in Brooklyn, plans to headline a rally alongside Mamdani and three insurgent progressive candidates—Claire Valdez, Darializa Avila Chevalier, and Brad Lander—who are in primary races against establishment Democrats.
In promoting the rally, Mamdani said he endorsed the insurgent progressives to create "a Democratic Party driven by big ideas, not big money."
Valdez is currently running for an open seat in New York's 7th Congressional District, where polls show her strongest competitor is Brooklyn Borough President Antonio Reynoso.
Avila Chevalier, meanwhile, is challenging five-term incumbent Rep. Adriano Espaillat (D-NY) in New York's 13th Congressional District, while Lander is trying to unseat Rep. Dan Goldman (D-NY) in New York's 10th Congressional District.
Polling released by Emerson College late last month showed Lander with a lead of more than 20 points over Goldman, with Valdez locked in a tight race against Reynoso.
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Court Blocks 'Illegal' Trump Rule That Created Barriers to Affordable Care Act Coverage
With eligibility verification and fees, the rule was projected to force 2 million people to drop their insurance, said cities and advocacy groups that sued the administration.
Jun 12, 2026
Officials in several cities joined advocacy groups in celebrating a federal court ruling Friday that blocked the Trump administration's rule which, they argued in a lawsuit, illegally imposed new fees and created barriers "that would make it harder—and in some cases impossible—for people to get and keep affordable health insurance."
The cities of Columbus, Ohio; Baltimore; and Chicago were among the plaintiffs in a case filed last week in the US District Court of Maryland against Health and Human Services Secretary Robert F. Kennedy and other Trump officials, arguing that the so-called "Marketplace Integrity and Affordability" rule would destabilize the insurance market and penalize vulnerable families, "rather than promoting affordability."
The rule was introduced in May, months after Affordable Care Act subsidies that had made ACA insurance premiums more affordable for millions of people were allowed to expire by Republicans in Congress. More than 1 million fewer Americans signed up for coverage in ACA exchanges after the tax credits expired, and the Trump administration claimed that the new rule's provision of more "catastrophic" insurance plans would give more "choice" to people who couldn't afford plans that cover more healthcare needs.
The rule also required additional verification for low-income households before they enroll in ACA plans, with Centers for Medicare and Medicaid Services Administrator Mehmet Oz claiming the new requirement "strengthens eligibility checks, cracks down on abuse, and gives insurers more flexibility to offer affordable, consumer-focused coverage options."
“Cloaked in the pretense of government efficiency and fraud prevention, the 2026 rule creates numerous barriers to affordable insurance coverage."
The verification requirements and new fees could cause as many as 2 million people to drop their coverage, said Democracy Forward, which represented the plaintiffs, as well as raising annual costs by about $700 for families.
“Cloaked in the pretense of government efficiency and fraud prevention, the 2026 rule creates numerous barriers to affordable insurance coverage, negating the ACA’s goal of extending affordable health coverage to all Americans, and instead increasing the population of underinsured and uninsured Americans,” the plaintiffs said in the lawsuit.
In the ruling on Friday, US District Judge Brendan Hurson vacated several provisions of the rule, including ones that revoked guaranteed insurance coverage for people with past-due premiums; required eligibility verification for the special ACA enrollment period; and imposed a $5 premium penalty on people who automatically reenrolled in their plans.
Columbus City Attorney Zach Klein said the rule's provisions were among "the Trump-Vance administration’s illegal attempts to undermine the Affordable Care Act."
“This ruling is a significant win for millions of Americans, including thousands in Ohio, who would have been denied coverage or seen their out-of-pocket costs skyrocket due to this president and his administration," said Klein. "We will continue to fight to protect healthcare coverage for all Americans whenever it’s threatened.”
Richard Trent, executive director of Main Street Alliance, a small business advocacy group that also joined the lawsuit, said that "the Trump-Vance administration’s unlawful attempt to undermine the Affordable Care Act would have increased costs, created unnecessary barriers to coverage, and made it harder for entrepreneurs and workers to get the care they need."
"Small business owners cannot grow their businesses when healthcare becomes more expensive and less accessible," said Trent. "We are grateful that the court has protected these critical safeguards and reaffirmed that affordable healthcare remains essential to a strong economy and thriving Main Streets across the country."
Baltimore Mayor Brandon Scott also applauded the ruling, but emphasized that healthcare advocates' "work is not over."
As Common Dreams reported Friday, tied up in the Trump administration's push for more Americans to use high-deductible catastrophic insurance—which is likely to present families with high out-of-pocket costs—is a plan to push households into more medical debt by allowing them to take out loans directly from their health insurance companies.
“We will continue to fight back against any attempts by this administration to slash protections under the ACA," said Scott, "and will not stop fighting until every person in this nation has access to the affordable, quality healthcare they deserve.”
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Trump Super PAC to Hold $1 Million-Per-Plate Fundraiser as Hunger Surges
The fundraiser comes as a recent study from the Federal Reserve Bank of New York showed food insecurity in the US has reached its highest levels since the Covid-19 pandemic.
Jun 12, 2026
A super political action committee created to support Donald Trump is preparing to hold a big-money fundraiser at the president's Virginia golf course that will charge attendees $1 million each.
As reported by NBC News, MAGA, Inc. will host the $1 million-per-plate event at the Trump National Golf Club Washington DC on the day before the president is set to host Ultimate Fighting Championship (UFC) events at the White House as part of his 80th birthday celebration.
"The fundraiser is at least the sixth such $1 million-per-person event held by Trump-aligned groups for the midterm elections," reported NBC News. "Republicans at nearly all levels hold a significant midterm cash advantage over Democrats, who expect to be outpaced financially in many key House and Senate races."
Lisa Gilbert, co-president of Public Citizen, linked the ritzy fundraiser to Trump's economic policies that have primarily benefited the wealthiest Americans at the expense of the working class.
"The comingling of 250th anniversary events, Trump’s UFC fight, and a $1 million per-plate fundraiser on Trump’s own birthday," Gilbert said, "gives corporate interests and wealthy donors not just an ultimate fight—but the ultimate opportunity to pay tribute to the president. Rather than celebrate our nation’s anniversary in the bipartisan manner directed by Congress, the Trump administration has directed public money and public property to politicized events."
"Major corporations, such as Chevron, Exxon, MasterCard, and many more," Gilbert added, "should be ashamed to be associated with this corrupt spectacle."
The fundraiser comes as a recent study from the Federal Reserve Bank of New York showed food insecurity in the US has reached its highest levels since the Covid-19 pandemic.
The New York Fed researchers said their study found “a remarkable increase in food insecurity, particularly among lower-educated and lower-income households and households with young children,” as well as “a contemporaneous increase in pessimism among the same groups, along with a sharp decline in job-finding expectations.”
The researchers noted that "while many households are doing fine and economic activity overall has been expanding at a solid pace," there are large numbers of people "facing high levels of economic insecurity and financial strain," which has resulted in plunging overall consumer sentiment.
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