SLS 22RS-2417 ORIGINAL
2022 Regular Session
SENATE CONCURRENT RESOL UTION NO. 55
BY SENATOR FESI
FINANCIAL INSTITUTIONS. Memorializes the Congress and requests certain federal and
state entities to refrain from enacting or adopting laws, rules, regulations, or guidance that
restricts the ability of financial institutions from offering products or services to the fossil
fuel industry.
1 A CONCURRENT RESOL UTION
2 To memorialize the Congress of the United States and urge and request the Federal Reserve
3 Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance
4 Corporation, the Consumer Financial Protection Bureau, the National Credit Union
5 Administration, and the office of financial institutions to refrain from enacting or
6 adopting laws, rules, regulations, or guidance that restricts the ability of banks,
7 savings and loan associations, savings banks, credit unions, trust companies, or
8 payment processors from offering products or services to the fossil fuel industry.
9 WHEREAS, the fossil fuel industry contributes to the economy of the state and to
10 the prosperity of citizens; and
11 WHEREAS, the fossil fuel industry produces consumer-ready resources, continues
12 to create thousands of jobs for our workforce, and remains committed to the safety of our
13 communities and the preservation of the environment; and
14 WHEREAS, in recent years the fossil fuel industry has been unfairly denied
15 financing by large lenders; and
16 WHEREAS, five of the six largest United States banks, Citigroup Inc., Goldman
17 Sachs Group Inc., J.P. Morgan Chase and Company, Morgan Stanley, and Wells Fargo and
18 Company, have pledged over the past year to end funding for new drilling and exploration
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SLS 22RS-2417 ORIGINAL
1 projects; and
2 WHEREAS, in order to be successful in the fossil fuel industry, businesses rely on
3 banks, credit unions, and other financial institutions for funding.
4 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana memorializes
5 the Congress of the United States and urges and requests the Federal Reserve Board, the
6 Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the
7 Consumer Financial Protection Bureau, the National Credit Union Administration, and the
8 Louisiana Office of Financial Institutions to refrain from enacting rules or regulations that
9 restrict the ability of banks, savings and loan associations, savings banks, credit unions, trust
10 companies, or payment processors from offering products or services to the fossil fuel
11 industry.
12 BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
13 secretary of the United States Senate, the clerk of the United States House of
14 Representatives, each member of the Louisiana delegation to the United States Congress, the
15 chairman of the Federal Reserve Board, the acting comptroller of the currency of the Office
16 of the Comptroller of the Currency, the chairman of the board of directors of the Federal
17 Deposit Insurance Corporation, the director of the Consumer Financial Protection Bureau,
18 the National Credit Union Administration Board, and the commissioner of the office of
19 financial institutions.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Xavier I. Alexander.
DIGEST
SCR 55 Original 2022 Regular Session Fesi
Memorializes the U. S. Congress and requests certain federal and state entities to refrain
from enacting rules or regulations that restrict the ability of banks, savings and loan
associations, savings banks, credit unions, trust companies, or payment processors from
offering products or services to the fossil fuel industry.
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