Fifteen States Hit Back Against “Woke” Banks Who Dump Fossil Fuel Financing

This is good news and one of a number of incidents that have occurred worldwide where the entire green energy/renewable regime started to crumble soon after the U.N.’s COP 26 conference. It can’t happen a moment too soon.

Fifteen States Respond to ‘Woke Capitalism,’ Threaten to Cut Off Banks That Refuse to Service Coal, Oil Industries
By: Brittany Bernstein, November 22nd, 2021, National Review

A coalition of financial officers from 15 states sent a letter to the U.S. banking industry on Monday warning they plan to take “collective action” against banks that adopt corporate policies to cut off financing for the coal, oil, and natural gas industries.

The group threatens to scrutinize or potentially curtail future business with banks that adopt an “economic boycott” of those industries in a letter obtained exclusively by National Review.

“Just as each state represented in this letter is unique in its governing laws and economy, our actions will take different forms,” writes the group, led by West Virginia treasurer Riley Moore.  “However, the overarching objective of our actions will be the same — to protect our states’ economies, jobs, and energy independence from these unwarranted attacks on our critical industries.”

The group of state treasurers, auditors and comptrollers from West Virginia, Arizona, Arkansas, Idaho, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Utah, Wyoming, Alabama, Texas and Kentucky say they have a “compelling government interest” to eleven major financial institutions that “are not engaged in tactics to harm the very people whose money they are handling.”

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs were among the recipients.

The letter puts the financial institutions that have “adopted policies aimed at diminishing a large portion of our states’ revenue” on notice, saying the banks have “a major conflict of interest against holding, maintaining, or managing those funds.”

“This is not really a boycott,” Moore told National Review. “I’m a market participant and I’m exercising my preference not to work with these banks.”