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Fossil Free Finance Act Tells the Fed To Keep Up on Climate Risk
U.S. Sens. Ed Markey (D-Mass.) and Jeff Merkley (D-Ore.) today introduced the Fossil Free Finance Act, which requires the Federal Reserve to regulate financial institutions' contributions to the climate crisis. The U.S. Senate bill joins a companion version in the U.S. House, introduced by U.S. Reps.
WASHINGTON
U.S. Sens. Ed Markey (D-Mass.) and Jeff Merkley (D-Ore.) today introduced the Fossil Free Finance Act, which requires the Federal Reserve to regulate financial institutions' contributions to the climate crisis. The U.S. Senate bill joins a companion version in the U.S. House, introduced by U.S. Reps. Mondaire Jones (D-N.Y.), Rashida Tlaib (D-Mich.), and Ayanna Pressley (D-Mass.), which Public Citizen endorsed and provided a detailed analysis of its provisions. Yevgeny Shrago, policy counsel with Public Citizen's climate program, released the following statement:
"The Fossil Free Finance Act sends a powerful message that Congress won't accept the Federal Reserve's failure to do its job. The contrast between the Fed and its international peers could hardly be clearer. While our European allies and others are actively exploring decarbonization, U.S. regulators are still considering how to assess banks' climate risk. The answer is clear: continued fossil fuel expansion is incompatible with avoiding climate catastrophe.
"But the Fed is turning a blind eye as Wall Street banks keep financing that industry, sowing the seeds of their own destruction in pursuit of short-term gains. If nothing changes, it's just a matter of time before the party stops and this risky gambling triggers a new financial crisis. The toxic asset this time won't be predatory subprime mortgages, it will be the literally toxic sources of greenhouse gas pollution. And the consequences will still be catastrophic for ordinary Americans, especially communities of color.
"We applaud Sen. Markey for joining Reps. Jones, Tlaib and Pressley in their leadership on recognizing the threat that the Fed's inaction on climate poses to the American economy. As President Joe Biden returns from COP26 in Glasgow seeking to reassert American leadership on climate, we hope that he'll take this bill's introduction as a call to replace current Federal Reserve Chair Jerome Powell with a leader who will start taking seriously the approach to climate risk laid out in this bill and by peers across the Atlantic."
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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Jensen Huang, World's 8th Richest Man, 'Perfectly Fine' With California Billionaire Tax
If the proposed tax is enacted, Huang would face a roughly $8 billion tax bill—a tiny fraction of his $165 billion net worth.
Jan 07, 2026
Jensen Huang, CEO of the tech behemoth Nvidia and the eighth-richest man in the world, said Tuesday that he is "perfectly fine" with a grassroots push in California to impose a one-time wealth tax on the state's billionaire residents.
In an interview with Bloomberg, Huang said that "we chose to live in Silicon Valley, and whatever taxes, I guess, they would like to apply, so be it"—a nonchalant response that diverges from the hysteria expressed by other members of his class in response to the proposed ballot initiative.
"It never crossed my mind once," Huang said of the tax proposal.
If the proposed 5% levy on billionaire wealth makes it onto the November ballot and California voters approve it, Huang would face an estimated $8 billion tax bill—a tiny slice of his $165 billion net worth. Those subject to the tax would have the option of paying the full amount owed all at once or over a period of five years.
"'Who cares' is absolutely the appropriate reaction," said Matt Bruenig, founder of the People's Policy Project, a left-wing think tank. "It means nothing to him. David Sacks types look like the biggest babies in the world."
Bruenig was referring to the White House cryptocurrency czar who left California for Texas at the end of 2025 in an apparent effort to avoid the possible billionaire tax, which would apply to anyone living in California as of January 1, 2026.
“As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital,” Sacks declared in a social media post last week.
"Frontline caregivers are glad to hear that, much like the overwhelming majority of billionaires, Mr. Huang will not be uprooting his life or business to make an ideological point over a 1% per year fix to a problem that Congress created."
The proposed one-time tax on California's roughly 200 billionaires would raise an estimated $100 billion in revenue, funds that would be set aside for the state's healthcare system, food assistance, and education.
Organizers are pursuing the tax in direct response to unprecedented Medicaid cuts enacted by US President Donald Trump and the Republican-controlled Congress over the summer.
Suzanne Jimenez, chief of staff of Service Employees International Union-United Healthcare Workers West and the lead sponsor of the ballot initiative, welcomed Huang's response to the proposed tax in a statement late Tuesday.
"We agree with Jensen Huang that California has a tremendous talent pool of workers uniquely qualified to continue moving many industries forward, including within the tech sector and beyond," said Jimenez. "This initiative will ensure the $100 billion healthcare funding crisis created by [the Trump-GOP legislation] in July is fixed, so that all of those workers can access emergency rooms and vital healthcare in California."
"Frontline caregivers are glad to hear that, much like the overwhelming majority of billionaires, Mr. Huang will not be uprooting his life or business to make an ideological point over a 1% per year fix to a problem that Congress created last July—and that California will unite to solve this November," Jimenez added.
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‘We Are the Dominant Predator,' Says GOP Lawmaker as Trump Weighs Military Takeover of Greenland
Longtime US allies, including France and Germany, are reportedly meeting to discuss options should President Donald Trump move to annex Greenland.
Jan 07, 2026
A Republican congressman on Wednesday made the case for seizing Greenland while describing the US as "the dominant predator" in the Western hemisphere.
During an interview with Fox Business, Rep. Andy Ogles (R-Tenn.) claimed that taking control of Greenland from Denmark was a vital strategic US interest, saying it should be seized regardless of the opinions of its residents.
"It's important that we have a stake in Greenland, that they are, quite frankly, a protectorate of the United States," said Ogles, who is the lead sponsor of legislation backing Trump's Greenland takeover bid. "You know, they've been in... a relationship with Denmark, that needs to end... When you look at the Monroe Doctrine, you look at the Western hemisphere, we are the dominant predator, quite frankly, force in the Western hemisphere."
Rep. Ogles: "It's important that we have a stake in Greenland, that they are quite frankly a protectorate of the US. They've been in relationship with Denmark -- that needs to end. We have spilled more blood protecting Greenland than the Danes ... we are the dominant predator… pic.twitter.com/uAtHMMV0hL
— Aaron Rupar (@atrupar) January 7, 2026
Ogles' belligerent remarks came as Reuters reported that longtime US allies, including France and Germany, are making plans for how to respond should Trump go through with trying to annex Greenland.
It is not clear what shape this response would take, though a senior European official told Reuters that "the Danes have yet to communicate to their European allies what kind of concrete support they wish to receive," even while insisting that Denmark take the lead in pushing back against Trump's threats.
The report noted that Johannes Koskinen, chair of the Foreign Affairs Committee of Finland's parliament, has called on NATO members to "address whether something needs to be done and whether the United States should be brought into line in the sense that it cannot disregard jointly agreed plans in order to pursue its own power ambitions."
While much of the Republican Party has largely been in lockstep in supporting Trump's Greenland threats, not every GOP lawmaker is on board.
Rep. Don Bacon (R-Neb.) said during a Tuesday interview with CNN that he hoped to rally other Republicans against any plans to seize the country.
"This is appalling," Bacon said. "Greenland is a NATO ally. We have a base on Greenland, we could put four or five bases on Greenland. They wouldn't mind that, they would make agreements with us on mining."
Bacon also emphasized the infeasibility of Trump's plans.
"We're not going to acquire Greenland," he said. "Most people in Greenland want to remain independent... with Denmark providing some protection... So this is one of the silliest things I've heard come out of the White House in the last year. It's unacceptable and I hope other Republicans line up behind me and make it clear to the White House that it's wrong."
Bacon on the administration's rhetoric about Greenland: "This is one of the silliest things I've heard come out of the White House in the last year. It's unacceptable and I hope other Republicans line up behind me and make it clear to the White House that it's wrong." pic.twitter.com/HH9LlDX5aJ
— Aaron Rupar (@atrupar) January 6, 2026
Trump and his allies have been making more aggressive statements in recent days about taking Greenland, which Trump has called essential to US national security.
Top Trump aide Stephen Miller on Monday night refused to rule out using military force to take Greenland during a Monday interview with CNN, and further claimed that “the future of the free world depends on America to be able to assert ourselves and our interests without an apology.”
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Fears of Wider War Over Venezuela Oil as US Seizes Russian-Flagged Tanker
"That is a confrontation of Cold War proportions," warned one observer.
Jan 07, 2026
Update:
US forces have now boarded and seized control of the Russian-flagged oil vessel in the North Atlantic, the Associated Press reported Wednesday.
Earlier:
United States military forces on Wednesday attempted to board and seize control of a Venezuela-linked and Russian-flagged oil tanker after a weekslong pursuit across the Atlantic, sparking fears of a broader conflict stemming from US President Donald Trump's assault on the South American country.
Reuters reported that the US Coast Guard and military are leading the takeover operation, which came "after the tanker, originally known as the Bella-1, slipped through a US maritime 'blockade' of sanctioned tankers and rebuffed US Coast Guard efforts to board it." According to the Wall Street Journal, "Helicopters and at least one Coast Guard vessel were being used to take control of the tanker."
The vessel is reportedly being escorted by a Russian submarine, fueling concerns of a direct confrontation between two nuclear powers.
Video footage published Tuesday by RT purports to show US forces pursuing the tanker, whose name was recently changed to the Marinera.
BREAKING WORLD EXCLUSIVE: RT obtains FIRST footage of Russian-flagged civilian Marinera tanker being CHASED by US Coast Guard warship in the North Atlantic https://t.co/sNbqJkm5O5 pic.twitter.com/XtbBML3a6j
— RT (@RT_com) January 6, 2026
The New York Times reported that US forces first stopped the tanker in the Caribbean on December 21.
According to the Times:
The ship, which started its journey in Iran, had been on its way to pick up oil in Venezuela.
At the time, the United States said it had a seizure warrant on the vessel because it was not flying a valid national flag. But the Bella 1 refused to be boarded and sailed into the Atlantic, with the United States in pursuit.
Then came a series of moves to ward off the United States. The fleeing crew painted a Russian flag on the hull, the tanker was renamed and added to an official Russian ship database, and Russia made a formal diplomatic request that the United States stop its chase.
Observers voiced alarm over the tense and fast-moving situation.
"Don’t wish to be hyperbolic, but if—if—US special forces are intercepting and seeking to board a now Russian-flagged tanker, apparently with submarine escort, then that is a confrontation of Cold War proportions," warned British journalist Jon Sopel.
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