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Lindsay Meiman, +1 (347) 460-9082, lindsay@350.org, us-comms@350.org
Richard Brooks, richard@350.org, +1 (416) 573-7209
Today, New York State Comptroller Tom DiNapoli announced that the $226 billion New York State Common Retirement Fund (Fund) is moving to divest from the riskiest oil and gas companies by 2025 and decarbonize by 2040.
New York's announcement is the biggest leap forward worldwide on climate finance action in 2020, an otherwise bleak year for the planet. It creates the most comprehensive program of any large public fund worldwide to divest from fossil fuels, decarbonize across a massive portfolio, and put major financial pressure on public companies -- from auto companies to utilities -- to align their operations with the scale of climate action needed to stave off worldwide catastrophe.
The victory comes eight years after New Yorkers launched the #DivestNY campaign, days ahead of the December 12 fifth anniversary of the Paris climate accord signing, and sets the bar for climate finance action ahead of COP26 next year in Scotland.
Comptroller DiNapoli is taking a ground-breaking, systematic approach to reviewing and assessing each fossil fuel company sub-sector, with a process grounded in fiduciary responsibility. The results of the first review, targeting the coal sub-sector and completed earlier this year, resulted in divestment from 22 coal companies. Similar divestment action is anticipated from the current tar sands review, which is set to conclude next month. After the tar sands review, the Comptroller will review fracking companies,Oil majors, fossil fuel service companies, and oil and gas transportation and pipelines. All reviews and divestment actions will be completed by 2025.
Just like New York City's 2018 announcement of a five-year plan to divest its massive pension funds from fossil fuels, today's announcement by Comptroller DiNapoli will reverberate globally, boosting divestment and climate finance campaigns across the nation and around the world. The commitment to decarbonize the Fund by 2040 is ten years sooner than any other US pension fund. This plan also includes interim trajectory goals, rigorous reporting, staff hiring, and transparency.
NYS-CRF historically has held over $12 billion in fossil fuels, including more than $1 billion invested in ExxonMobil alone. Divestment will ensure that the NYS fund will end such financing.
To celebrate this victory and encourage funds across the country and around the world to take similar action, the multiracial, multi-generational #DivestNY coalition is hosting a virtual press conference and rally at 10amEST today, featuring youth activists, pensioners, financial experts, and academics, along with Bill McKibben, New York State Senator Liz Krueger, and Assemblymember Felix Ortiz. The legislators co-prime sponsored divestment legislation and pushed for such historic action.
The #DivestNY coalition, composed of 40+ groups, won this campaign through focused and diligent campaigning over many years. The campaign demand launched after Superstorm Sandy devastated the Northeast in 2012, costing nearly $70 billion in damages.
In the face of COVID-19, the coalition shifted into virtual campaigning and video conference advocacy and lobbying, escalating momentum toward this victory. In September, 1100+ Academics sent a letter to Comptroller DiNapoli urging him to divest from fossil fuels. To date, over 1300 institutions representing more than $14 trillion in assets have committed to some level of fossil fuel divestment.
Today's announcement also builds momentum for activists and experts to convince the $120 billion New York State Teachers' pension fund to divest. The #DivestNY coalition will continue to work alongside Comptroller DiNapoli, the expanding team at the Comptroller's office working on climate finance, and public officials at all levels to ensure this commitment, its benchmarks, and a fossil free world become reality.
May Boeve, 350.org Executive Director, said: "New York State is sending a global signal that economic recovery goes hand in hand with transformative climate action. This is a victory for all of us fighting for a safe climate, quality jobs, and an equitable society that holds fossil fuel companies accountable. Comptroller Tom DiNapoli, Senator Liz Krueger, and Assemblymember Felix Ortiz should be proud to celebrate their climate leadership alongside New Yorkers. History will show December 2020 as a turn in the tides shifting finance away from coal, oil, and gas of the past, toward our communities and a just recovery. If the $226 billion New York State pension Fund can do it, then every bank, pension fund, sovereign fund, and insurer can do it too. We call on the world's investment funds to take action like New York's bold and comprehensive model. Now."
"This victory--after years of campaigning by so many people--is a great victory for the climate, because it both demonstrates the waning power of the fossil fuel industry and because it accelerates that decline. It is a morally bankrupt industry, and increasingly a financially bankrupt one as well," said Bill McKibben, co-founder 350.org.
"Today's announcement from the Comptroller is an exciting, bold, and responsible leadership position, one that sets a high bar in a vital year for climate action. The New York State Common Retirement Fund is the third largest pension fund in the country, and when it takes action, people pay attention. Rigorous and timely review, with divestment for climate laggards across the energy sector, and a commitment to a net zero portfolio by 2040 will protect the fund, current and future retirees, and taxpayers from unacceptable levels of climate risk. It also sends a clear message that the era of dirty fossil fuels must and will come to an end, and the smart money is getting out sooner rather than later. I thank my many colleagues in the Senate and Assembly who joined me in educating the public and investors about the importance of divestment from fossil fuels, and also the Divest NY advocates for their years of tireless work to achieve this result. This announcement is a big deal, and it is a win-win for the State Pension Fund's bottom line, and the future survival of our society." - NYS Senator Liz Krueger
"As a result of nearly eight years of campaigning and organizing by a multigenerational, multiracial movement that has touched nearly every corner of New York State, the Common Retirement Fund will fully decarbonize by 2040 and divest from fossil fuels" said Hridesh Singh, Executive Director of the New York Youth Climate Leaders. "We commend Comptroller DiNapoli for his leadership on this issue and look forward to seeing the implementation of this plan. Although there is still much work left to be done in the ongoing fight against the climate crisis, today, we celebrate this historic, people-powered victory."
"This is an important step in the worldwide campaign to stop investments in fossil fuels in order to prevent the worst of global warming. This is also a win for the effort to protect taxpayers and retirees from the escalating loss in value of companies engaged with fossil fuels. New York must continue to be a leader in the effort to save future generations from the worst impacts of climate change." - Mark Dunlea, Chair, Green Education and Legal Fund and a member of 350 NYC and Albany (PAUSE)
"Today, Comptroller DiNapoli showed climate leadership with his announcement that the Common Retirement Fund would divest from fossil fuels. This announcement builds on last year's landmark climate law that requires New York to go to net zero emissions by 2050. Climate activists, both public officials and grassroots New Yorkers have led the way. Let's keep up the momentum and demand an end to fossil fuel subsidies, and divestment of the teachers retirement fund from fossil fuels." - Ruth Foster, NY Climate Advocacy Project
"With today's announcement about divestment and decarbonization for the state pension fund, Comptroller Tom DiNapoli cements his status as a true climate hero, the model for other pension fund managers throughout the country and throughout the world to emulate. This is a win for DiNapoli, a win for the NY legislature, a win for climate activists, and most important, a win for pensioners and a win for the planet." - Jordan Dale, Divest NY & 350NJ-Rockland
"Comptroller DiNapoli is launching the best program of any major public fund worldwide to combat climate change and safeguard retirees' long term interests. The Comptroller's listened to experts, activists and state legislators and, today, history is being made." - Patrick Houston, Climate & Inequality Campaigns Associate, New York Communities for Change
"Divestment is about rapidly ending our global addiction to Fossil Fuels in time to stabilize the climate and save a future for our children. It's also about a few concerned citizens, working together to change hearts and minds within local governments and global markets to impact the climate systems of our planet. Lyna Hinkel and Mark Dunlea launched New York's Divestment campaign with 350NYC in 2012. From their initiative and steady work our regional movement widely evolved. The City's commitment to divestment in 2018 and now New York State's commitment to Divestment in 2020 are a message to the world: "The Fossil Fuel era has ended. Clean energy is taking over. We have a chance. We can do this. Join with us as citizens who care!" - John Ingram, 350NYC
"350NJ-Rockland is very pleased with the public announcement that the NY State Pension Fund is committing to an ambitious climate action plan that includes divestment from fossil fuels. This is the latest in an ever-growing series of actions being taken all over the world to drive the urgently needed transition away from fossil fuels to clean, jobs-producing renewable energy, battery storage and energy efficiency. We look forward to the New Jersey pension fund being the second state fund to do so soon and for many states to then follow the NY/NJ area's lead." - Ted Glick, President, 350NJ-Rockland
"Victory is ours! Years of tireless legislative and grassroots advocacy have brought about impactful change. Today's announcement by Comptroller DiNapoli to transition the NYS Common Retirement Fund's portfolio to net zero greenhouse gas emissions by 2040 is a win for all New Yorkers. Investing in companies that produce, support or promote fossil fuels is hazardous to the future of the environment and pensioner's finances. We have proven that together; we can enact powerful positive change for future generations. There is no greater legacy to leave." - Assistant Speaker Felix W. Ortiz
"The climate crisis has been on full display this year with thousands of lives upended all across this country. It's never been more urgent as a global society to cut the cord with fossil fuel polluters. This historic action will help send market signals that fossil fuels have had their day, and clean energy is the future for New York," - Rich Schrader, New York Policy Director, Natural Resources Defense Council (NRDC)
"For years, so many faith based organizations have been on record in supporting divestment of large government and not for profit funds including their own funds of fossil fuel holdings. So many have felt the call to take care of this planet that God has created and ensure that it is in good shape for future generations. Today, it is thrilling to us that Comptroller DiNapoli has decided to take the boldest possible steps to methodically divest the New York State Pension Fund of fossil fuel stocks in order to safeguard our planet and future generations. I am also grateful for all the members of the assembly and state senators who made today possible and I especially want to recognize so many people of faith across this state and nation for their courage, persistence and advocacy to bring us to this great day." - Rev. Peter Cook, Executive Director, NYS Council of Churches
"Mr. DiNapoli's momentous decision will help advance UUP's efforts to create good jobs while promoting climate justice and a sustainable environment in which to live and work." - Ronald Freedman, United University Professions Albany
"Stop NY Fracked Gas Pipeline, (SNYFGP) fought the NED pipeline... And we won. Then we helped to fight the Sheridan Hollow powerplant... And we won again. Now we are fighting the Albany Loop Pipeline... And we expect to win once again. Comptroller DiNapoli's announcement that he is divesting the state pension fund from fossil fuels will help limit funding for future fossil fuel projects and promote investments in renewable energy. Thank you Comptroller! Now we hope we can stop fighting infrastructure and move our energies to promoting renewable energy." - Becky Meier, Co-Founder, Stop NY Fracked Gas Pipeline (SNYFGP)
"PSC-CUNY, AFT #2334, representing 30,000 faculty and professional staff at the City University of New York, is proud to have been a part of the state-wide effort to accomplish divestment of fossil fuel stocks from the Common Retirement Fund of NYS. As state workers, we stand in solidarity with other state workers who can rest assured that their hard-earned pension funds will be protected from the failing fossil fuel sector of our economy and from the destructive effects it has on our planet's climate. We thank all those who have advocated for fossil fuel divestment and will stand the course to see it through its final stages of divestment. This is an important development for the climate movement and its allies." - Nancy Romer, Chair, Environmental Justice Working Group, PSC-CUNY/AFT #2334
"The continuing record-breaking extreme weather this year nationwide is yet another sign that we must radically reduce the greenhouse gases that fuel the climate crisis," said Bob Cohen, Policy Director of Citizen Action. "We praise Comptroller DiNapoli, who is finally acting to align New York's investment policies with New York's climate values and signaling to other governmental entities to do the same. We also applaud DIVEST NY, backed up by thousands of committed New Yorkers, for their tireless work promoting climate action, and Senator Liz Krueger, who led the legislative effort to stop funding climate destruction."
"This is yet more proof that we, the people, can make lasting change when we decide to come together to demand that we divest from industries that threaten the health and well-being of our planet. Divestment from fossil fuels is a good start and inspiration for other state, city and local governments to follow. Our forests are burning, our lungs are polluted, there are jobs lost and lives disturbed due to prioritizing profits for the few over the wellbeing of the many! We must divest now!" - Yousef Zakaria, Coordinator, CODEPINK
"News of the fossil fuel divestment of New York State's massive pension fund is a breath of fresh air! The time is right to stop financially supporting industries that pollute the environment, compromise human health and destabilize our climate. Hopefully, a plethora of funds and institutions will follow suit as divestment is an important tool as we work to mitigate an increasingly disrupted climate." - Sally Courtright, The Climate Reality Project: Capital Region, NY Chapter
"New York is once again leading the way in moving off fossil fuels," said Eric Weltman, a Brooklyn-based senior organizer with Food & Water Action. "We banned fracking, and now thanks to Comptroller DiNapoli's leadership we've struck another blow to the dirty energy corporations profiting from creating a climate emergency. But we cannot relent until New York has put a stop to all new fossil fuel projects, while shutting down existing pipelines and power plants."
"We applaud New York State Comptroller DiNapoli in his announcement on divestment. This is yet another grassroots victory for the climate movement in New York State. Our movement has banned fracking, passed the Nation's most ambitious climate legislation, and now this. We are an unstoppable force that will not rest until we realize a just transition away from fossil fuels." - Ryan Madden, Sustainability Organizer, Long Island Progressive Coalition
"NYCD16 Indivisible salutes Comptroller DiNapoli's monumental and impactful decision to divest the NYS Pension Fund from fossil fuel companies. It's past time to stop investing in an industry that purposefully deceived the American people about its role in global warming, in order to amass the largest possible profit at the expense of all life on our planet. Now, New York State needs to stop building new fossil fuel infrastructure!" - Natalie Polvere and Iris Hiskey Arno, Co-Chairs Environment Committee, NYCD16 Indivisible
"This decision represents a powerful act of compassion and justice. There is no morally acceptable future in which investors seek profit from the destruction of life itself. Today, New York State stands on the side of the angels." - Rev. Ken Scott, Capital Region Organizer, GreenFaith
"Low-income and communities of color suffer most of the damage from the use of fossil fuels, so divestment is an important step in promoting environmental justice. New York needs to be a world leader in transitioning to a sustainable future based on clean, renewable energy and a commitment to a just Green New Deal. We must expand our efforts to break free from fossil fuels," - Francis Magai, PAUSE (People of Albany United for Safe Energy).
"As the economic risks from climate change have mounted, it makes clearer the need for bolder action by government, business and investors. We can build an economy by redirecting our assets out of fossil fuels and into investments in all sectors that enable a more equitable and sustainable economy," said David Levine, President, American Sustainable Business Council. "On behalf of the over 250,000 businesses and investors we represent, we applaud the NY State Comptroller in setting the bar high with a comprehensive climate action plan as an example for the rest of the country to follow."
"Sheridan Hollow Alliance for Renewable Energy (SHARE) is grateful for the climate leadership shown by Comptroller DiNapoli in divesting the state pension fund from fossil fuels," said Merton Simpson, Albany County Legislator and Co-Chair of SHARE. "The rapid transition to a renewable energy future is so important to Sheridan Hollow, an environmental justice community that has been polluted for over a century by the burning of coal, oil, garbage and gas in order to heat and cool the NYS Capitol and Empire State Plaza. Divestment supports us in our efforts to shut down the fossil fuel infrastructure in our community and invest in renewables for our neighbors and for the New York State Capitol."
"Comptroller DiNapoli's announcement is welcome news," says 350Brookyn member Sara Gronim. "New Yorkers have worked long and hard to help him recognize that we must pull investments out of dying industries that are killing us all. We look forward to the positive role our New York State pension funds will play in moving us towards a better future."
"Jewish Climate Action Network NYC thanks Comptroller DiNapoli for taking a leadership role and helping to, once again, propel New York State into a leadership role in fighting climate change. His announcement to divest the state's pension fund from fossil fuel companies and suppliers will be far reaching in achieving an economy and a just society based upon renewables. We are honored to be part of the DivestNY coalition and applaud the efforts of all who worked tirelessly to achieve this milestone announcement." - Lori Robinson, Jewish Climate Action Network NYC
"Mothers Out Front - Dutchess County, whose members are dedicated to protecting children from the climate crisis, applauds the announcement by New York State Comptroller Thomas DiNapoli of a fossil fuel divestment plan for New York State's Pension Fund. This plan sends a powerful message that New York State is committed to combating global warming by transitioning away from fossil fuels, including fracked gas. As investments in renewable energy technologies increase, this plan will also contribute to the continued health of New York State's Pension Fund." - Sandi Stratton-Gonzalez, Mothers Out Front - Dutchess County
"The WESPAC Community thanks New York State Comptroller Tom DiNapoli for committing to divest the state's public pension funds from fossil fuels and for positioning New York as a leader in the fight against the global climate crisis. Our times demand strong action to move us towards a more stable, safe and sustainable future!" - Nada Khader, Director, WESPAC
"New York is once again stepping into a leadership role on climate action. I applaud Comptroller DiNapoli's plan to eliminate investments in fossil fuels from the Common Retirement Fund. This decision sends the message that fossil fuels are no longer a sound financial investment and will contribute to the shift towards an economy powered by renewable energy. The Divest NY coalition is to be commended for their tireless efforts to move NY forward." - Sue Hughes-Smith, Climate Solutions Accelerator of the Genesee-Finger Lakes Region
"Westchester for Change and Stop the Algonquin Pipeline Expansion (SAPE) are heartened by the announcement that Comptroller DiNapoli will initiate a process to begin divestment of the $226 billion Common Retirement Fund from fossil fuels. We celebrate the tremendous work by fellow climate activists in the DivestNY coalition and throughout the state who have consistently upheld the belief that divestment is a powerful tool in addressing climate change. This action will reverberate across the nation and throughout the world." - Susan Van Dolsen, Co-Founder, SAPE & Co-Organizer, Westchester for Change and Diane Torstrup, Co-Organizer, Westchester for Change
"For faith communities around the world, the climate emergency and fossil fuel divestment are profound moral issues. Comptroller DiNapoli's commitment to divest from fossil fuel companies that fail to have real transition plans to get out of fossil fuel production is a genuine act of moral leadership. His climate action plan sends a message to corporations that it is unacceptable to profit from activities that threaten the future of our society and the planet." - Sister Eileen O'Connor, RSM & Roger Cook, Co-Conveners, Interfaith Climate Justice Community of WNY
"Indivisible Mohawk Valley celebrates a huge victory for the climate! We congratulate NYS Comptroller Tom DiNapoli on the announcement of his plan to effectively divest the NYS Common Retirement Fund from fossil fuels and achieve a net zero portfolio by 2040. It has taken years of hard work by many climate activists and state legislators to help achieve this plan. With bold climate action so desperately needed to combat the climate emergency, this news comes not a moment too soon. Thanks to the leadership of Comptroller DiNapoli and Senator Liz Krueger on the divestment issue, New York will again be at the leading edge of climate action and will provide a critical boost to the fossil fuel divestment movement nationally and worldwide!" - Mona Perrotti, Co-Chair, Climate Crisis Working Group, Indivisible Mohawk Valley
"Earlier this year, hundreds of us shut down the Comptroller's office, with a dozen arrests, to send him the message that we are in a crisis. The decision to decarbonize is a great step in the right direction, deserving praise, but our governments and institutions must go much deeper and further if we have any hope of averting tragedy. As we fiddle, carbon continues to fill the atmosphere and ecologies continue to be decimated." - John Johanson, Extinction Rebellion - Capital District
"Dutchess County Progress Action Alliance, DCPAA, is heartened by the announcement of NYS Comptroller DiNapoli that commits NYS to divestment from fossil fuels. Along with divestment actions the world over this decision supports the urgently needed transition away from fossil fuels to renewable energy and well-paying jobs. Fossil Fuel divestment helps to ensure that NYS pension funds remain robust, and that we have a fighting change to address climate change and save our planet." - Caroline Fenner, Dutchess County Progress Action Alliance
"These groundbreaking initiatives by the Comptroller address the climate crisis and remove climate-related risk from New York's state pension holdings. The world can't wait for fossil fuel companies to decide to become part of the solution - pensioners deserve safe investments that help move us a clean energy future. Congratulations to Senator Liz Krueger and the many, many climate activists that helped make this happen. We hope that California is paying attention!" - Sandy Emerson, Board President, Fossil Free California
"We chanted, hung banners, signed petitions, demonstrated by the thousands, occupied offices and got arrested. The Peoples Climate Movement, NY and dozens of different organizations coalesced to demand New York State divest its pension funds from fossil fuel investments. We maintained our activism and today, we won. We acknowledge the Comptroller for taking this important action amidst the worsening climate catastrophe. We are alarmed that the clock is ticking down. "Better late than never" will be too late." - Marilyn Vasta, Peoples Climate Movement, New York
"I'm heartened to hear the agreement is aligned with the goals outlined in the Paris Accord. I'm proud to have signed a divestment letter with 250 Elected Officials to Protect New York asking the Comptroller to make the right fiduciary decision and protect the pension fund," said Albany County Legislator William Reinhardt, Elected Officials to Protect America-New York Leadership Council. "The coalition that brought us together have shown leadership and courage standing up to the oil industry to ensure our public servants need not worry about their retirement investments, and for a brighter tomorrow for all. It is my hope that New York's actions will start a domino effect as other states realize the need to divest their pension funds."
"As a member of the Divest NY coalition, a Financial Advisor, and a Town Councilor in the Town of Manlius, I am overjoyed at the success of the campaign to divest the New York State Common Retirement Fund from fossil fuel companies. It is not often that a group of activists and citizens can come together and truly change the world. The hard work and dedication from the people of Divest NY is nothing short of awe-inspiring. I applaud the decision of the Comptroller to move forward with this comprehensive fossil fuel divestment strategy, ensuring not only the financial performance of the pension fund, but also the future of the planet. I thank him for his leadership and for his commitment to my daughters' future, the future of New Yorkers, and the future of all people, all around the world." - Katelyn M. Kriesel, Manlius Town Councilmember, Elected Officials to Protect America-New York Leadership Council
"I am in full support of divesting from fossil fuel. New York State's pension investments should be reflective of our state's priorities. After working so hard to pass the Climate Leadership Community Protection Act (CLCPA), it is disingenuous to also continue to invest in fossil fuel.
There is still a great deal of work to be done but this is a step in the right direction. Thank you Comptroller DiNapoli for joining us in our clean energy efforts." - NYS Assemblywoman Latrice Walker
"The decision of State Comptroller Tom DiNapoli to decarbonize the New York State Common Retirement Fund and divest from its fossil fuel holdings is a remarkable step of progress in combating climate change. But our work is far from over. Let this be the first of many major environmental victories made by New York State in the years to come." - Matt Oill, New York Youth Climate Leaders
"Like New York's ban on fracking, this move will garner global attention and praise, and it makes good economic sense," said Bob Rossi, Executive Director of the New York Sustainable Business Council. "While the future of fossil fuel investments looks grim, the clean energy sector is booming with tech innovation and accelerating popular demand. New York should capitalize on this energy transition. We applaud Comptroller DiNapoli and urge him to go one step further by reinvesting our pension fund specifically in the growing renewable energy business community based here in New York State. This would ensure their success, growth, and ability to employ more and more New Yorkers."
"I urge the members and leadership of my union the Public Employees Federation and CSEA and NYSUT to support "decarbonize the NYS Pension Fund" which includes divesting from fossil fuel corporations and is a major step forward by Comptroller DiNapoli. This divestment will be converted to investing in renewable and sustainable energy sources, making our fund more fiscally responsible and valuable during the climate change crisis. The Albany County Central Federation of Labor passed a resolution supporting divestment in fossil fuels as did the Troy Area Labor Council. As First Vice President of ACCFL and Delegate to TALC, I urge the entire labor movement to decarbonize pension funds." - Doug Bullock, a state pensioner and Albany County Central Federation of Labor 1st VP.
"I am thrilled that Comptroller DiNapoli is moving forward with aligning New York's money with our values and our climate goals. Fiduciarily and morally, divestment from fossil fuels is a necessity. The fossil fuel industry has proven itself destructive, extractive, and morally bankrupt. With their track record of polluting and displacing our communities, along with decades of efforts to mislead the public on climate science, it is clear that there is no way to engage with these companies as shareholders or attempt to change their basic business model. This industry has shown no regard for the well-being of our families, the breathability of our air, or the health of our natural world. As we have seen, the consequences of climate change, pollution, and environmental destruction are already being felt by those least responsible for causing these problems-- poor communities and communities of color. If New York is as committed as we say we are to tackling the climate crisis and environmental racism, we cannot continue to endorse this industry or its practices. While our climate justice work does not end here, the advocates who have been pushing for this change for years should be incredibly proud of this achievement today." - NYS Senator Julia Salazar
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
"There must be accountability for this administration's dangerous disregard for our national security," said one Democratic congressman and former military prosecutor.
U.S. National Security Adviser Mike Waltz and members of his staff have created at least 20 group chats on the encrypted messaging app Signal to coordinate official work on sensitive policy issues around the world, four people who were added to such groups told Politico.
Waltz was already under fire for a group chat about the U.S. bombing Yemen when the report broke. Politico's Dasha Burns wrote on Wednesday that "none of the four individuals said they were aware of whether any classified information was shared, but all said that posts in group chats did include sensitive details of national security work."
The anonymous sources told Politico that the group chats involved policy issues involving China, Ukraine, Gaza, the Middle East, Europe, and Africa. One of them said, "It was commonplace to stand up chats on any given national security topic," one of the four sources told the outlet.
The Politico article comes a day after The Washington Postreported that Waltz and other members of President Donald Trump's National Security Council conducted official government business via their personal Gmail accounts, which are far less secure than Signal chats.
The fresh revelations also come as "Signalgate"—in which Waltz, Defense Secretary Pete Hegseth, and other top Trump administration officials added a journalist to a Signal group chat about plans to bomb Yemen—still smolders.
Calls for Waltz's resignation or firing, which were already numerous in the wake of Signalgate, mounted Wednesday.
Resign.
[image or embed]
— Senator Ed Markey ( @markey.senate.gov) April 2, 2025 at 2:26 PM
"Waltz must resign. Hegseth must resign," Rep. Ted Lieu (D-Calif.), a member of the House Foreign Affairs Committee, said on the social media site Bluesky. "There must be accountability for this administration's dangerous disregard for our national security."
Referring to the Signal group chats, Rep. Jimmy Gomez (D-Calif.) asked on the social media site X, "How many more are there?"
"Even Trump allies say this doesn't pass the smell test," he added. "National Security Adviser Waltz and Pete Hegseth need to be fired."
"He's taking a sledgehammer to the economy and pursuing unpopular, reckless trade policies that will do nothing to benefit workers and only serve to increase costs for consumers," warned one expert.
After U.S. President Donald Trump announced long-anticipated sweeping tariffs at the White House Rose Garden on Wednesday, economists, labor leaders, American lawmakers, and other critics reiterated that the move will negatively impact people worldwide.
The president revealed that on April 5, he will impose a 10% tariff on all imported goods and additional penalties for dozens of countries, including major trading partners—ignoring warnings that, as Jeffrey Sachs wrote in a Common Dreams opinion piece, his "tariffs will fail to close the trade and budget deficits, raise prices, and make America and the world poorer."
Trump's related executive order states that he finds "that underlying conditions, including a lack of reciprocity in our bilateral trade relationships, disparate tariff rates and nontariff barriers, and U.S. trading partners' economic policies that suppress domestic wages and consumption, as indicated by large and persistent annual U.S. goods trade deficits, constitute an unusual and extraordinary threat to the national security and economy of the United States."
The order adds that the "threat has its source in whole or substantial part outside the United States in the domestic economic policies of key trading partners and structural imbalances in the global trading system," and declares a national emergency.
NBC Newsreported Wednesday that "global markets reacted sharply and swiftly... with investors fleeing U.S. stock indexes and companies that rely on global supply chains seeing their stocks plummet." The outlet noted that Dan Ives, an analyst at the investment firm Wedbush Securities, wrote, "President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as 'worse than the worst case scenario' the street was fearing."
Trump framed this step in his trade war as "liberation day" and claimed that the duties are "reciprocal," but economists pushed back. Justin Wolfers at the University of Michigan said: "Trump announces his tariffs, which are (somehow?) related to the trade barriers other countries are imposing on the U.S. But... THE NUMBERS HE'S PRESENTING BEAR NO RELATION TO REALITY. It would be absurd to call these reciprocal tariffs. They're grievances."
Groundwork Collaborative executive director Lindsay Owens
said in a statement that "Americans have one simple request of President Trump: lower prices. Instead of answering the call, he's taking a sledgehammer to the economy and pursuing unpopular, reckless trade policies that will do nothing to benefit workers and only serve to increase costs for consumers."
"But Trump doesn't care about what happens to working families, as long as his billionaire donors and advisers are happy," she continued. "Republicans are already
chomping at the bit to use any potential tariff revenue to fund their next massive billionaire tax break."
Kobie Christian, a spokesperson for the national campaign Unrig Our Economy, similarly concluded that "there is no other way to say it—this is an out-of-touch policy designed by a billionaire and for billionaires."
"Virtually no one will benefit from these Republican-backed tariffs—except for the ultrawealthy who will get yet another tax break, paid for by working families," Christian added. "Small business owners will be forced to raise their prices to keep their businesses afloat, and Americans will have to pay even more for everyday goods. These tariffs could even push the economy into a recession. American workers need lower costs, not more tariffs and billionaire handouts."
American Economic Liberties Project's Rethink Trade director, Lori Wallach, declared that "the businesses that profiteered from our old broken trade system should pay for the necessary transition to more balanced trade, not American workers and consumers. President Trump must take immediate action to stop corporations from using the pretext of these tariffs to price gouge the very Americans already slammed by decades of bad trade policy and corporate greed."
Wallach was among those who pointed out that tariffs can be a vital tool. She explained that "Trump's announcement goes much broader, but tariffs against mercantilist countries like China, Germany, Korea, Taiwan, and Japan to counter systemic trade abuses can help restore America's capacity to produce more of the critical products needed for American families to be healthy and safe and for our country to be more resilient and secure."
"But to deliver more American production and good jobs, the goal must be to balance trade, not equalize tariff rates, and tariffs must be consistent," she stressed. "Tariffs must be accompanied by other industrial policies like tax credits to build demand for U.S.-made goods, incentives for investment in new production capacity and bans on stock buybacks, and easier union formation so gains go to wages, not just profits."
The only thing being liberated today is money from the bank accounts of hard-working Americans.
— Robert Reich ( @rbreich.bsky.social) April 2, 2025 at 5:21 PM
Liz Shuler, president of the AFL-CIO, the nation's largest federation of unions, also said that "the strategic use of tariffs can be an effective tool to support our industries and protect jobs at home. But they must be accompanied by policies that invest in our manufacturing base and a strong commitment to promoting workers' fundamental right to organize trade unions and bargain collectively."
"Unfortunately, the Trump administration's attacks on trade union workers' rights at home, gutting of the government agency that works to discourage the outsourcing of American jobs, and efforts to erode critical investments in U.S. manufacturing take us backward," she asserted. "We will continue to fight for trade policy that prioritizes the interests of working people without causing unnecessary economic pain for America's working families."
Some congressional Democrats shared similar criticism. Michigan Congresswoman Debbie Dingell said that "when used strategically, tariffs are a critical tool to bring back jobs and support American workers and industries," but "I'm concerned about the chaotic and immediate implementation of these wide-reaching tariffs."
U.S. Rep. Jimmy Gomez (D-Calif.)
wrote on social media that "Trump's dumb tariffs are going to drive up costs for real working people. Like the dad who is trying to save money by fixing his car at home. Those parts from AutoZone are made somewhere else and the prices will go up!"
As the White House circulated a multipage sheet of targeted countries, Gomez and Rep. Sean Casten (D-Ill.) were among those who noticed that Russia—which is waging a yearslong war on Ukraine—is absent from the list.
Meanwhile, as critics including Aaron Reichlin-Melnick at the American Immigration Council highlighted, the list included the Australian territory of the Heard Island and McDonald Islands—even though the islands are "completely uninhabited."
"Population zero. I guess we're going to tariff the seagulls?" quipped Reichlin-Melnick. "It kind of feels like a White House intern went through Wikipedia's list of countries and just generated this list off of that with no further research."
Organizer Max Berger
wrote on Bluesky Wednesday, "I like how no one knows whether the president of the United States is going to tank the global economy because he's a fucking idiot—or if he's just doing a bit."
"Trump is clearly comfortable weaponizing Social Security for political purposes, and we fear that this is only the beginning," said one critic.
The top Democrat on the U.S. House Oversight Committee on Wednesday led calls for the resignation of acting Social Security Administration Commissioner Leland Dudek following the revelation of internal emails confirming that the SSA canceled contracts with the state of Maine as political payback after Democratic Gov. Janet Mills publicly defied President Donald Trump in support of transgender student athletes.
The emails—which were obtained by House Oversight Committee Ranking Member Gerry Connolly (D-Va.)—show that Dudek ordered the cancellation of enumeration at birth and electronic death registration contracts with Maine, even though SSAd subordinates warned that such action "would result in improper payments and potential for identity theft."
"These emails confirm that the Trump administration is intentionally creating waste and the opportunity for fraud."
Dudek—who is leading the SSA while the Senate considers Trump's nomination of financial services executive Frank Bisignano—replied to the staffer: "Please cancel the contracts. While our improper payments will go up, and fraudsters may compromise identities, no money will go from the public trust to a petulant child."
He was referring to Mills, who stood up to Trump in February after the president threatened to suspend federal funding for Maine unless the state banned transgender girls and women from participating on female scholastic sports teams.
The termination of the enumeration at birth contract briefly forced Maine parents to register their newborns for a Social Security number at a Social Security office, rather than checking a box on a form at the hospital as is customary, before the SSA reversed its decision.
Connolly sent Dudek a letter demanding that he "resign immediately" and submit to a transcribed interview with House Oversight Committee Democrats. Connolly wrote that Dudek "ordered these contracts terminated" as "direct retaliation" for Mills' defiance, "even though you knew that doing so would increase improper payments and create opportunities for fraudsters."
Government accountability advocates also condemned Dudek's actions.
"These emails confirm that the Trump administration is intentionally creating waste and the opportunity for fraud—in this case, to punish Maine Gov. Janet Mills for not bowing down to Donald Trump," Social Security Works president Nancy Altman told Common Dreams.
"The people actually punished by these actions were exhausted new parents in Maine, forced to drag their newborns to overcrowded Social Security offices in the middle of a measles outbreak," she continued. "Thankfully, the Trump administration had to quickly reverse course after massive public outrage. But Trump is clearly comfortable weaponizing Social Security for political purposes, and we fear that this is only the beginning."
"Once again, we see Team Trump resorting to revenge to set domestic policy."
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, told Common Dreams that "it does not surprise us at all that this administration would weaponize Social Security against anyone who disagrees with or challenges President Trump."
"It's one of the concerns that we have with Elon Musk and [the Department of Government Efficiency] having access to everyone's personal data without any defensible explanation for why they need it," he continued. "We and the American people have legitimate worries, not only that this information will be vulnerable to hackers, but also that it could intentionally be misused as a weapon against anyone who publicly disagrees with Trump."
"The fact that the acting commissioner himself publicly admitted that he didn't really understand the Maine contract, but canceled it anyway, proves that this administration is making reckless changes that affect real people for no legitimate reason," Richtman added. "Once again, we see Team Trump resorting to revenge to set domestic policy."
The revelation of Dudek's emails comes amid SSA turmoil caused by the termination of thousands of agency personnel in what Trump, Musk, and other Republicans claim is an effort to reduce waste and fraud. Musk—who recently referred to Social Security as the the "biggest Ponzi scheme of all time"—has proposed the elimination of up to 50% of SSA's workforce and has said that up to $700 billion could be cut from programs including Social Security, Medicare, and Medicaid.