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Arielle Swernoff: arielle@stopthemoneypipeline.com,
Ginny Cleaveland: ginny.cleaveland@sierraclub.org,
Resolutions at major North American banks and several insurers push companies to phase-out financing of fossil fuel expansion, protect Indigenous rights, and institute better climate policies
A coalition of over 240 climate, justice, and multi-issue organizations announced their support of four shareholder resolutions filed at major US and Canadian banks and insurance companies this spring. The resolutions include requiring banks and insurance companies to phase out their financing of companies engaged in fossil fuel expansion, report on projects that could violate Indigenous rights, use absolute emissions rather than emissions intensity targets, disclose 2030 transition plans, and hold directors accountable at banks that are not aligned with 1.5°C pathways. The resolutions were filed by a variety of investors, including the New York City and New York State pension funds, the Sierra Club Foundation, Trillium Asset Management, As You Sow, and others.
Ahead of the companies’ annual general meetings, Stop the Money Pipeline, a coalition of over 200 organizations, is launching a ‘Shareholder Showdown’ campaign to encourage investors to vote yes on the resolutions and against failing directors. Stop the Money Pipeline is also pushing banks and insurance companies to pass policies, ahead of their AGMs, that would prohibit lending, underwriting and insuring to corporations engaged in fossil fuel expansion.
“Shareholders have immediate opportunities to hold banks accountable for their role in the climate crisis by supporting this full slate of resolutions, and by voting against corporate directors failing to manage climate risks. Major investors like BlackRock and CalPERS must support these critical votes, and if they don’t, it will reveal their abject failure to understand both the systemic risk climate change poses to their portfolios and their fiduciary duty to address it. Their clients will be watching,” said Jessye Waxman, Senior Campaign Representative in the Sierra Club’s Fossil-Free Finance campaign.
FOSSIL FUEL PHASE OUT
The fossil fuel phase-out resolutions are updated versions of resolutions filed last year at the six largest American banks and three major insurers calling for an end to financing and underwriting of fossil fuel expansion. The resolutions clarify that the request is to phase-out new fossil fuel financing and insurance coverage, rather than abruptly end client relationships, which some banks and insurers used as an excuse the previous year. Proponents believe these updates will significantly boost shareholder support.
According to an influential report released by the International Energy Agency in 2021, as well as a growing consensus of the world’s leading scientists and energy experts, in order to have a fifty percent chance of curtailing global warming to 1.5 degrees Celsius and limiting the worst impacts of the climate crisis, investment in new fossil fuel supply needs to cease.
Despite this clear warning, and despite public pledges to be Paris-aligned, the six largest American banks – JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Morgan Stanley, and Goldman Sachs – provided nearly $500 billion in lending and underwriting to the 100 corporations most aggressively expanding fossil fuel operations since 2016. Meanwhile, US-based insurance giants Chubb, The Hartford, and Travelers are among the top insurance providers to the global oil and gas industry..
These resolutions were filed by the Sierra Club Foundation at Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo; by Trillium Asset Management at Bank of America; by Harrington Investments at Citigroup; by Stand.earth at Royal Bank of Canada; and by Green Century Funds at Chubb, The Hartford, and Travelers.
“Financial institutions are trying to project this image that they're good with money - but how good are you with money if you end up destroying your own house for profit? That's exactly what Wall Street is doing by financing unlimited fossil fuel expansion. People are fighting back, and now shareholders have a chance to amplify the demands of frontline communities. Curbing expansion is fiscally sound, socially responsible, and shows that they value investing in resilient communities and a just energy future." - Aditi Sen, Climate and Energy Program Director at Rainforest Action Network
"The planet is running out of time and the banks are running out of excuses--everyone from the Pope to the Secretary General of the UN have called on them finally to act with clarity and conviction to help with the planet's greatest crisis, and shareholders should demand no less,” said writer and activist Bill McKibben.
INDIGENOUS RIGHTS
The Indigenous rights resolution at Citigroup, filed by Sisters of St. Joseph of Peace calls for a report on the effectiveness of bank practices, policies, and performance indicators in respecting internationally-recognized human rights standards for Indigenous Peoples’ rights in its existing and proposed general corporate and project financing.
In recent years, Citi has provided financing for projects and companies that clearly violate Indigenous rights: they were the lead financier of the Dakota Access Pipeline in 2016; provided over $5 billion to Enbridge, enabling the Line 3 and Line 5 pipelines; and helped GeoPark secure over $650 million for oil drilling in the Colombian Amazon despite a lack of consent from local Indigenous peoples and a clear history on behalf of the company of damaging Indigenous lands, health, and livelihoods.
Domini Impact Investments filed a resolution at Chubb requesting a report describing how human rights risks and impacts are evaluated and incorporated in the company’s underwriting process, specifically calling attention to the extent to which Free, Prior and Informed Consent (FPIC) is considered in the underwriting process.
“Free Prior and Informed Consent means actual meaningful engagement with all impacted Indigenous communities and obtaining actual documented consent from impacted communities, otherwise the projects do not happen. The era of these financial institutions paying lip service to Indigenous rights, human rights, and environmental justice is over it is time to truly respect the rights of Indigenous peoples,” said Matt Remle from Mazaska Talks.
"Indigenous frontline environmental defenders continue to bear the brunt of the climate crisis, all while facing severe bodily threats for their collective resistance against the industries most responsible for it. Due to pervasive oil and gas extraction, made possible by unmitigated fossil financing, communities’ livelihoods and lands remain threatened. Investors and financial institutions must uphold Indigenous rights, human rights, and climate at the forefront of its agenda," said Mary Mijares, Fossil Finance Campaigner at Amazon Watch
ABSOLUTE EMISSIONS TARGETS
A third resolution, filed by the New York City Comptroller Brad Lander and three of the New York City Retirement Systems (the New York City Employees’ Retirement System, Teachers’ Retirement System, and Board of Education Retirement System) at Bank of America, Goldman Sachs, JPMorgan Chase, and Royal Bank of Canada calls on the banks to disclose absolute emissions targets for 2030. Citi and Wells Fargo already report absolute emissions reductions.
These banks currently have made emissions intensity pledges, an accounting trick that would allow banks to increase their financed emissions overall while reducing the amount of emissions per dollar financed in the fossil fuel sector. In order to be Paris-aligned, emissions must decrease absolutely. These resolutions would hold banks to a science-based standard for meeting their stated climate targets.
“Experts such as the United Nations High-Level Expert Group have made it clear that for climate commitments to be taken seriously companies must use absolute emissions metrics when setting climate targets,” said Stop the Money Pipeline coalition co-director, Alec Connon, “Yet, most of the country’s largest banks have set their climate targets using far weaker carbon intensity metrics. By voting yes on these resolutions, shareholders can help end this practice of greenwashing from some of the world’s largest funders of fossil fuels.”
TRANSITION PLANS
These resolutions, filed by As You Sow at JP Morgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley, call on banks to publicly disclose their 2030 plans for transitioning their lending and investment portfolios away from fossil fuels. A transition plan could include, for example, disclosure of clients’ estimated annual reductions and how the bank plans to achieve remaining reductions. Additional actions may include client and employee incentives or disincentives; setting requirements, including loan approval guidelines, investment and underwriting priorities or prohibitions; and policies or
guidelines that otherwise restrict, limit, or condition bank business activities, among others.
DIRECTOR VOTES
Investors are encouraged to vote against the reelection of directors responsible for climate oversight at institutions that have failed to align targets and lending and underwriting policies with credible 1.5°C low/no overshoot scenarios.
Directors are responsible for oversight of strategic planning, including management of climate risks. As climate risk grows both as an economy-wide systemic risk and as a sector-specific risk for banks, board directors are failing in their fiduciary duties when companies under their oversight fail to adopt and execute comprehensive climate risk management policies. Where issuers have failed to adopt and disclose climate policies that align with 1.5°C pathways, it indicates that directors responsible for such oversight are either unwilling or unable to successfully lead the company through the decarbonization transition. Investors are encouraged to vote against such directors.
Additional members of the Stop the Money Pipeline coalition released the following statements:
“Public pensions are meant to be the longest-term investors, yet they’re doing business with the very banks financing climate chaos,” said Amy Gray, Stand.earth Climate Finance Senior Strategist. “Pension funds must live up to their fiduciary duty, and protect pensioners and climate alike, by wielding their institutional investor power for climate resolutions at banks’ shareholder meetings this Spring.”
“As communities of color are literally fighting for our lives on the frontlines of the climate crisis, U.S banks continue funding the fossil fuel industry. These banks target communities, like mine, treating us as collateral damage to corporate profiteering. This needs to stop. Our continued reliance on fossil fuels is unsustainable and damaging to our health and environment. We must shift our focus to renewable energy sources such as solar, wind, and hydropower, which are cleaner, more efficient, and more sustainable in the long-term. Banks should invest in energy-efficiency measures, such as LED lighting and energy-efficient appliances, to reduce our energy consumption and carbon footprint. These steps are necessary to ensure a healthier and more sustainable future for all.” - Roishetta Ozane, Founder and CEO of the Vessel Project
"Climate change is an existential crisis that can overwhelm a person in scale and size, impossible to address. Big bank shareholders possess an enormous amount of influence on the world’s emissions. A roomful of people can impact the disastrous course we are currently on. No more lip service or empty greenwashing — we need action, now.” Tara Houska, Giniw Collective.
“Right now, people across Canada and North America are paying the costs of Royal Bank of Canada’s misguided fossil fuel financing through devastating fires and floods. Instead of greenwashing and redwashing, RBC has the opportunity to step into real leadership and end fossil fuel expansion financing at its April 5 shareholder meeting. Science and justice make it clear: for any shot at curbing the worst of climate destruction, there can be no new fossil fuel projects. We call on all shareholders – from retail investors to big pension funds – to support this resolution, and direct RBC to align its financing with its rhetoric of honoring Indigenous sovereignty and acting on the climate crisis.” - Richard Brooks, Stand.earth Climate Finance Director
“In Wells Fargo’s Indigenous People Statement it states that it “recognizes that the identities and cultures of Indigenous Peoples are inextricably linked to the lands on which they live and the natural resources, including air and water, upon which they depend”, and yet it finances projects that harm those lands and natural resources, including air and water, upon which they depend.” – Troy Horton, Extinction Rebellion Phoenix
“This shareholder season it’s crucial that investors support linked resolutions filed with banks and insurance companies: to ensure that Indigenous Peoples’ rights that are impacted by the fossil fuel industry are respected; to phase out financing and underwriting for the expansion of the fossil fuel sector; and to urge banks to align their financing with science-based emission reduction targets.” - Fran Teplitz, Executive Co-director, Green America
“At a time when financial institutions are STILL accelerating climate instability with their investments in new fossil fuel infrastructure, it is imperative that shareholders exercise their right to hold their directors accountable. In the short term, this is a moral necessity. In the long term, it is good business.” - John Seakwood, Organizer, Rivers & Mountains GreenFaith Circle
“As insurance companies fuel the climate crisis by continuing to invest in and underwrite new fossil fuel projects, shareholders are stepping up to hold the industry accountable. Insurers must adopt new policies that phase out insurance coverage for any new fossil fuel projects and align themselves with the Paris Accords. - Tom Swan, Executive Director of Connecticut Citizen Action Group (CCAG).
“Big banks must stop pumping money into an industry that is driving the climate crisis. As people around the world face extreme weather disasters, threats to public health, and systemic economic risk, institutions such as JPMorgan Chase are ignoring climate science by providing billions of dollars in financing to fossil fuel companies that continue to expand their production of oil and gas. To safeguard communities, investors, and the global economy, shareholders should insist that banks incentivize swift and deep cuts in heat-trapping emissions to limit climate change harms and facilitate a just transition to a clean energy economy,” said Kathy Mulvey, Director of the Climate Accountability Campaign at the Union of Concerned Scientists.
“It is time shareholders start looking at their families and how water and air pollution will affect them versus their bottom dollar. Money can’t buy clean, pure water.At a time in the world when climate change, seasons, disasters are moving at warp speed, we need these banks, corporations, funding institutions to stop being a machine. It is all across the globe, capitalism, consumerism, it’s all just superficial. These Banking Industry leaders, or CEO’s are not doing it for the right thing. They are all trendy and say they have diversity, equity, justice and inclusion committees, making words look great on paper, but are still plowing through BIPOC communities as warp speed, as the government looks on. I ask would you poison your own grandmother, then why do it to our grandmothers?” - Dr. Crystal Cavalier - Co Founder and CEO of 7 Directions of Service.
The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.
"Our taxpayer dollars should be used to fund education, housing, and healthcare for Americans, not to support the destruction of innocent lives abroad," said one advocacy leader "deeply saddened" by the votes.
The U.S. Senate on Wednesday refused to pass joint resolutions of disapproval proposed by Sen. Bernie Sanders that would prevent the sale of certain offensive American weaponry to Israel, which has killed nearly 44,000 Palestinians in Gaza since last fall.
S.J. Res. 111, S.J. Res. 113, and S.J. Res. 115 would have respectively blocked the sale of 120mm tank rounds, 120mm high-explosive mortar rounds, Joint Direct Attack Munitions (JDAMs), the guidance kits attached to "dumb bombs."
The first vote was
18-79, with Sen. Tammy Baldwin (D-Wis.) voting present and Sens. Mike Braun (R-Ind.) and JD Vance (R-Ohio)—the vice-president-elect—not voting. In addition to Sanders (I-Vt.), those in favor were: Sens. Dick Durbin (D-Ill.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Angus King (I-Maine), Ben Ray Lujan (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).
The second vote was 19-78—Sen. George Helmy (D-N.J.) joined those voting for the resolution. The third vote was 17-80.
"What this extremist government has done in Gaza is unspeakable, but what makes it even more painful is that much of this has been done with U.S. weapons and American taxpayer dollars."
Ahead of the votes, Sanders took to the Senate floor to highlight that his resolutions were backed by over 100 groups, including pro-Israel J Street; leading labor organizations such as the Service Employees International Union, United Auto Workers, and United Electrical Workers; humanitarian groups like Amnesty International; and various faith organizations.
"I would also point out that poll after poll shows that a strong majority of the American people oppose sending more weapons and military aid to fund Netanyahu's war machine," the senator said, referring to Israeli Prime Minister Benjamin Netanyahu. "According to a poll commissioned by J Street... 62% of Jewish Americans support withholding weapons shipments to Israel until Netanyahu agrees to an immediate cease-fire."
In addition to stressing that his proposals would not affect any of the systems Israel uses to defend itself from incoming attacks, Sanders argued that "from a legal perspective, these resolutions are simple, straightforward, and not complicated. Bottom line: The United States government must obey the law—not a very radical idea. But unfortunately, that is not the case now."
"The Foreign Assistance Act and the Arms Export Control Act are very clear: The United States cannot provide weapons to countries that violate internationally recognized human rights or block U.S. humanitarian aid," he continued. "According to the United Nations, according to much of the international community, according to virtually every humanitarian organization on the ground in Gaza, Israel is clearly in violation of these laws."
To illustrate the devastating impact of Israel's assault on Gaza—which has led to a genocide case at the International Court of Justice—Sanders quoted from an October New York Timesopinion essay authored by American doctors who volunteered in Gaza. For example, Dr. Ndal Farah from Ohio said: "Malnutrition was widespread. It was common to see patients reminiscent of Nazi concentration camps with skeletal features."
Sanders said that "what this extremist government has done in Gaza is unspeakable, but what makes it even more painful is that much of this has been done with U.S. weapons and American taxpayer dollars. In the last year alone, the U.S. has provided $18 billion in military aid to Israel... and by the way, a few blocks from here, people are sleeping out on the street."
"We have also delivered more than 50,000 tons of military equipment to Israel," he added. "In other words... the United States of America is complicit in all of these atrocities. We are funding these atrocities. That complicity must end, and that is what these resolutions are about."
Merkley, Van Hollen, and Welch joined Sanders in speaking in favor of the resolutions on Wednesday. Members of both parties also spoke out against them: Senate Majority Leader Chuck Schumer (D-N.Y.) and Sens. Ted Budd (R-N.C.), Ben Cardin (D-Md.), Lindsey Graham (R-S.C.), John Kennedy (R-La.), James Risch (R-Idaho), and Jacky Rosen (D-Nev.).
Cardin quoted talking points from the White House that were reported on earlier Wednesday by HuffPost. The outlet detailed how officials in outgoing President Joe Biden's administration suggested that "lawmakers who vote against the arms are empowering American and Israeli foes from Iran to the militant groups Hamas and Hezbollah, which the U.S. treats as terror organizations."
Just hours before the Senate debate, the Biden administration vetoed a United Nations Security Council resolution calling for an immediate cease-fire in Gaza—the fourth time it has blocked such a measure at the world body since the Hamas-led October 7, 2023 attack on Israel.
After the Senate votes, groups that supported Sanders' resolutions expressed disappointment.
Wa'el Alzayat, CEO of the Muslim advocacy group Emgage Action, said in a statement that "we have a moral obligation to stand up for the people of Gaza and demand an end to the constant bombardment they face. I'm deeply saddened that our U.S. senators shot down the joint resolutions calling for a halt in weapons to Israel. Our taxpayer dollars should be used to fund education, housing, and healthcare for Americans, not to support the destruction of innocent lives abroad."
"Continuing to provide Israel with unrestricted military aid to attack innocent civilians in Gaza and Lebanon is a moral failure—one the American government will look back on in horror as the situation gets unimaginably worse," Alzayat added. "While the resolution did not pass this time, we will continue working with lawmakers and allies to advocate for legislation that promotes justice and adherence to international law."
While these resolutions did not advance to the House of Representatives, Demand Progress senior policy adviser Cavan Kharrazian noted that "never before have so many senators voted to restrict arms transfers to Israel, and we are extremely grateful to those who did. This historic vote represents a sea change in how elected Democrats feel about the Israeli military's campaign of death and destruction in Gaza."
"We have all seen with our own eyes the thousands of innocent civilians who have been killed, displaced, and starved by weapons paid for with U.S. tax dollars," Kharrazian said. "Now, almost half of the Senate Democratic caucus is backing up our collective outrage with their votes. Supporters of this destructive war will try to claim victory but even they know that today's vote proves that the movement to end the war is growing, across America and in Congress, and we won't stop."
Center for International Policy executive vice president Matt Duss, who formerly served as Sanders' foreign policy adviser, similarly welcomed the progress, commending those who voted in favor of the resolutions for having "the courage to stand up for U.S. law, the rights of civilians in conflict, and basic decency."
"As civilian deaths, displacement, and disease among Palestinians in Gaza mount alongside open calls for ethnic cleansing by Israeli officials, the Biden administration is not merely failing to act—it is actively enabling the Netanyahu government's war crimes," he continued. "Rather than taking steps to bolster democracy, rights, and rule of law at home and abroad in advance of [President-elect] Donald Trump's second term, President Biden and his top officials are spending their precious last days in office lobbying against measures to protect U.S. interests and vetoing otherwise unanimously supported resolutions in the United Nations Security Council that reflect its own stated policies."
"The lawmakers who stood on the right side of history today will be remembered for their leadership and humanity," he added. "The same cannot be said about President Biden and those who help him abet starvation and slaughter in Gaza."
"Every nonprofit across the spectrum of human rights and progressive values is up in arms, begging Democrats to overcome their greed and their spite, and not to hand President-elect Trump the ability to destroy any nonprofit he dislikes with the flick of a pen," wrote one campaigner.
House Republicans have revived an effort to pass the so-called "nonprofit killer" bill—a piece of legislation that, if passed, would hand U.S. President-elect Donald Trump the ability to sanction civil society groups, including government watchdogs, news outlets, and humanitarian organizations.
A vote on the Stop Terror-Financing and Tax Penalties on American Hostages Act (H.R. 9495), which would allow the Treasury Department to remove tax-exempt status from nonprofits deemed "terrorist supporting organizations," is expected on Thursday.
But a wide coalition of organizations and individuals have voiced their opposition to the bill, including multiple groups that have mobilized to pressure House members to vote against it, particularly the 52 Democrats who previously voted in favor of it.
The controversial bill was blocked last week when 144 Democrats and one Republican voted against the bill after it was fast-tracked under a procedure that requires two-thirds majority support for passage. Republicans then brought it back through the House Rules Committee, teeing it up for a simple majority floor vote.
The 52 Democrats who voted in favor of the bill include Reps. Adam Schiff (D-Calif.), Henry Cuellar (D-Texas), and Ritchie Torres (D-N.Y.).
Groups including Muslims for Progressive Values, Fight for the Future, Council on American-Islamic Relations, and the union The NewsGuild-CWA have launched an advocacy effort to pressure those 52 Democrats to flip their votes and urge all members of the House to vote no on the bill.
"H.R. 9495 is a threat to our basic right to free speech, dissent, and advocacy. Democrats who claim to defend democracy must be called out for their SUPPORT of this bill. This bill will silence non-profits who speak up for human rights of Palestinians, reproductive rights, against deportations or ANY government policies," wrote Muslims for Progressive Values.
Some of Democrats who voted in favor have since said they will no longer support the bill.
Rep. Gabe Vasquez (D-N.M.) released the following statement on Monday: "I have heard loud and clear from folks in my district and understand the concerns of my constituents, non-profit leaders and their staff. The incoming administration's recent Cabinet nominations give me little faith that this tool would be used as originally intended. Therefore, I have decided to vote against H.R. 9495 and will continue acting in our district's and nation's best interests."
There is fear that the bill would, in particular, have a chilling impact on Palestinian rights organizations and pro-Palestine speech.
"This bill was designed to criminalize organizations and activists who oppose the U.S.'s unconditional support of Israel's genocide of Palestinians and the slaughter of Lebanese civilians. Such legislation threatened the constitutional rights of American nonprofits, houses of worship, and advocacy organizations—regardless of political orientation. Lawmakers must understand the serious, long-term dangers of advancing bills or investigations that seek to suppress lawful activism and silence dissent," according to a joint statement issued by Arab and Muslim American groups last week.
Lia Holland, the campaigns and communications director at Fight for the Future, said in a statement that "it's a disappointment but not a surprise to find Democrats voting for a bill to punish student protests against genocide on the wrong side of their entire values system. Over and over again, we've seen how legislative efforts designed to oppress dissent and silence speech end up burning their progenitors."
"H.R. 9495 is no exception—now, every nonprofit across the spectrum of human rights and progressive values is up in arms, begging Democrats to overcome their greed and their spite, and not to hand President-elect Trump the ability to destroy any nonprofit he dislikes with the flick of a pen," Holland added.
Others have also critiqued the proposed legislation on broader civil rights and free speech grounds.
"H.R. 9495 provides no due process or oversight, creating a tool for political retaliation under the guise of 'fighting terrorism.' Trump would abuse this power to retaliate against any [organization] that challenges his agenda. The 52 Dems who initially supported it must reverse course," wrote former Labor Secretary Robert Reich.
Kia Hamadanchy, senior federal policy counsel at the ACLU, said that "every time we give the president new powers and more authority to act alone, we create an open invitation for abuse by the executive branch."
"While the ACLU would oppose this legislation no matter who the president is, and there is no question it could be weaponized against groups on both ends of the ideological spectrum," Hamadanchy added, "the rhetoric we saw on the campaign trail from the president-elect is even more reason for Congress to reject this bill."
"The American people deserve transparency from their elected officials, especially when it comes to evaluating the nominee to become our nation’s chief law enforcement officer," said one critic.
Critics slammed the Republican-controlled U.S. House Ethics Committee on Wednesday after the panel decided against releasing a report on sexual misconduct allegations against former U.S. Rep. Matt Gaetz, who has been nominated by President-elect Donald Trump to serve as attorney general.
Committee Chair Michael Guest (R-Miss.) told reporters that "there was not an agreement by the committee to release the report," while Rep. Susan Wild (D-Penn.) clarified that "a vote was taken."
Julie Tsirkin, congressional correspondent for NBC News, said Wild "suggested all Democrats voted yes, all Republicans voted no."
Christina Harvey, executive director of Stand Up America, called on the committee to "release the full report immediately" and warned that "failing to make it public would be a betrayal of the public trust and a dangerous precedent for our democracy."
Committee investigators have been examining allegations that Gaetz paid to have sex with a 17-year-old at parties while he was serving in Congress.
The investigators obtained records showing that Gaetz paid more than $10,000 to two women who testified before the committee. The records showed 27 PayPal and Venmo transfers from Gaetz between July 2017 and January 2019, some of which were allegedly payments for sex.
The allegations were also part of an FBI investigation into whether Gaetz was involved in sex trafficking of a minor. That probe was dropped without charges.
"The American people deserve transparency from their elected officials, especially when it comes to evaluating the nominee to become our nation’s chief law enforcement officer," said Harvey. "The Senate can't fulfill its constitutional duty to advise and consent on the president's nominees without access to the report and all evidence of the numerous allegations of Gaetz's sexual misconduct."
Gaetz abruptly resigned from Congress hours after Trump announced his nomination. The resignation meant Gaetz was no longer under the congressional committee's jurisdiction, and several lawmakers suggested the former Florida congressman aimed to avoid the release of the report. House Speaker Mike Johnson (R-La.) has pushed for the report to remain confidential considering Gaetz's resignation.
As the House committee was weighing whether to release the documents, Republicans on the Senate Judiciary Committee met with Gaetz ahead of his confirmation process. Vice President-elect JD Vance (R-Ohio) suggested on social media as the meetings were taking place that senators should support Trump's nomination, saying the party rode the president-elect's "coattails" to a Senate and House majority.
"He deserves a cabinet that is loyal to the agenda he was elected to implement," Vance said.
The House Ethics Committee report could still be released, either by someone who leaks it to the media or a lawmaker who could read it into the congressional record—an act that could lead to censure or expulsion from Congress.
As it stands, podcast host Brian Tyler Cohen said, "the House Ethics Committee Republicans are now complicit in trying to bury a potentially 'highly damaging' report into Matt Gaetz."
"Trump says jump, Republicans say 'how high,'" he said, "even if it means shielding sex trafficking of a minor."