Republican states are attacking woke banks. “We won’t deal with you” “We won’t pay for our own destruction” State Treasurer Riley Moore
Republican states are making plans for a full-scale attack on woke banks: “We won’t deal with you. We won’t pay for our own destruction” State Treasurer Riley Moore
State officials are preparing to penalise woke banks that advocate anti-fossil fuel measures and adhere to ESG guidelines.
West Virginia barred BlackRock, Goldman Sachs, and JPMorgan from entering banking contracts with the state treasurer’s office or any state agency last week. Each of the five corporations committed to minimising commercial contact with the fossil fuel industry, which paid West Virginia $769 million in taxes.
West Virginia State Treasurer Riley Moore said, “We won’t subsidise our own downfall. They’ve used tax monies against the people and industry who generated them. So we oppose ESG.”
U.S. Bancorp reversed its ban on fossil fuel loans and was kept off the state’s restricted list of financial institutions.
Moore’s move is expected to be the first of many such actions nationally. At least 15 Republican-led states, which oversee tens of billions of dollars in public funds, have considered anti-fossil fuel bank laws or policies in the previous year, according to FOX Business.
Some of the world’s largest banks and fund managers have “weaponized capital,” says SFOF CEO Derek Kreifels. “Use the democratic process to accomplish social change in this country.”
Kreifels said the SFOF has built a “NATO-like alliance” of free-market state treasurers and financial officers. In recent months, the organisation has focused on ESG issues, attacking the federal government, banks, and S&P Global, which provides ESG grades.
Twelve state finance officers told FOX Business they were drafting their own response to “woke banks”
“The agency is continuing to sift through the material we’ve received from companies we asked for more information,” a representative for Texas Comptroller Glenn Hegar said in an email.
Hegar is compiling a list like West Virginia’s under a 2015 law. Hegar addressed 19 financial institutions letters in March asking about their fossil fuel investment strategies.
Kentucky, Oklahoma, Florida, South Carolina, Arizona, Louisiana, Idaho, Utah, Wyoming, Arkansas, and North Dakota will take or explore taking action against banks that boycott energy businesses. Kentucky and Oklahoma, like Texas, are creating lists under new legislation.
“These sectors are economically vital to Kentucky,” said Allison Ball’s spokeswoman. “They fuel commuting, the supply system, and keep the lights on. These iconic industries need our backing.”
“If you won’t do business with Kentucky, we won’t do business with you,” the representative said.
The office of Oklahoma State Treasurer Randy McDaniel is examining best practises from states with similar statutes. Oklahoma’s Energy Discrimination Elimination Act requires McDaniel to maintain a list of financial companies that boycott energy companies. The law won’t take effect until November.
“For years, the cult of ESG economic activists has worked overtime to introduce undesirable, woke ideology into the American economic system,” Florida CFO Jimmy Patronis said July 27. “It’s anti-American, anti-freedom, a purposeful attempt to sabotage our democracy, and not in Florida’s best interest.”
Curtis Loftis, South Carolina’s treasurer, told FOX Business he opposed ESG standards. His office would announce similar actions “in due course.”
Loftis: “I represent Palmetto State residents, not worldwide activists and institutions. I won’t let wealthy elites usurp citizens’ voices and elected representatives’ decisions.”
Arizona State Treasurer Kimberly Yee said her office would assess future agreements on whether corporations “stand for American ideals” She blamed “ESG agenda” for increasing gas prices and inflation.
Louisiana State Treasurer John Schroder said he will work with the legislators to eliminate bad banks from the state.
“Treasurer Ellsworth feels Idaho’s fiduciary duty is to the shareholder, not unelected stakeholders,” a representative for Idaho State Treasurer Julie Ellsworth told FOX Business.
Idaho protects all industries, including natural resource firms, a spokeswoman said.