Arizona Attorney General Mark Brnovich and 18 other attorneys general served six of the largest American banks this past week with civil investigative demands, similar to a subpoena. The demands ask for documents related to the banks’ involvement with the United Nations’ Net-Zero Banking Alliance (NZBA), which requires member banks to set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050.
“American banks should never put political agendas ahead of the secure retirement of their clients,” Brnovich said in a statement. “These financial institutions are entrusted with protecting a different type of green.”
Russia’s financial markets remain closed Wednesday for the third day in a row as the country’s economy continues to take massive hits caused by Ukraine-related sanctions from Western countries.
The closure of the Russian exchanges is the longest since since 1998, according to Bloomberg News.
The U.S. State Department joined an initiative to welcome Afghan refugees into the country that is sponsored by organizations supporting groups with possible ties to Palestinian terrorist organizations, a Daily Caller News Foundation review found.
Welcome.US is part of the Office of American Possibilities initiative, a project of Rockefeller Philanthropy Advisors, according to its website. The initiative’s main co-chairs include former President Barack Obama, former First Lady Michelle Obama, former President George W. Bush, former First Lady Laura Bush, former President Bill Clinton and former Secretary of State Hillary Clinton.
The initiative also formed a coalition composed of nonprofit leaders and organizations, former government officials, corporate leaders and public figures. Businesses, including Starbucks, Uber, Facebook, Microsoft, Walmart and Airbnb, also support the effort.
Bowing to pressure from banks and taxpayers concerned about a proposal to require financial institutions to report to the IRS gross inflows and outflows for just about every account in the country, Democrats have attempted to quell concerns by raising the threshold. Unfortunately, even the raised threshold is still laughably low to accomplish Democrats’ stated purpose of cracking down on wealthy tax cheats.
The original proposal would have required financial institutions to report on any account (be it a checking account, savings account, stock portfolio, etc.) which handled more than $600 in inflows and outflows in a given year. Obviously, that’s just about every account.
But the new proposal isn’t much better. This time, the threshold would be set at $10,000, and exempt payroll deposits. In other words, if a given taxpayer received $20,000 in payroll deposits, they would only exceed the threshold were other deposits and spending, taken together, to exceed $30,000.
Federal Reserve Governor Lael Brainard believes financial regulators should tell banks how to tackle climate change as a way to monitor threats to the overall financial system, The Wall Street Journal reported.
Brainard outlined in a speech how the central bank should prepare for climate change events like flooding and wildfires, which she thinks could deliver a shock to the markets and economy.