Stop the Money Pipeline (STMP) Workgroup is 350Brooklyn’s way to support the national Stop the Money Pipeline campaign. The goal of the campaign is to get the financial industry--particularly JP Morgan Chase and BlackRock--to divest from the fossil fuel industry in order to force the industry to move from fossil fuels to renewables.
The STMP movement kicked off with a report from the Rainforest Action Network that showed that Chase Bank gave more money to the fossil fuel industry than any other bank in the world--over $268 billion since the Paris Agreement in 2016. This report was followed up by an Op-Ed in the NYT by Bill McKibben and an action at a Chase Bank in Chicago where McKibben, Jane Fonda, and others were arrested.
STMP-BK aims to add to the pressure on Chase Bank, particularly CEO Jamie Dimon. We believe that we are in a unique position to do so, with so many progressive-minded people living so near the nerve-center of the bank. We believe that the financial sector is particularly susceptible to public pressure and that a small number of activists can have a large impact on their public image.
We created an on-line open letter to CEO Jamie Dimon. We did a holiday-themed action at the Chase branch on 9th Street and 5th Avenue and plan to continue to expand these actions, and others, in the months to come.