Energy-producing states in the US are fighting the banks that are lining up against the economic lifeblood.
As big banks are advocating anti-fossil fuel policies and so-called environmental, social and governance (ESG) standards, states like West Virginia are refusing to do business. with them.
“We’re not going to pay for our own destruction, we’re not going to subsidize it,” West Virginia State Treasurer Riley Moore told Fox Business recently.
West Virginia has put five financial firms – including BlackRock, Goldman Sachs and JPMorgan Chase – on hold, barring state agencies from doing business with them, as banks have all called for restrictions on their connections to fossil fuel industry – field paid 769 dollars. million in West Virginia state taxes.
Moore said the state is fighting fires with fire.
Even Parkland Shooter’s Attorney couldn’t help but cry as the family told heartbreaking stories of what really happened that day.
“They have weaponized our tax dollars against the very people and industry that created them in the first place. That is why we are pushing back on this ESG movement,” he said, noting that US Bancorp has changed the phase of any such ban and is not on the list of banned banks.
This is how we beat ESG.
We will not sit idly by and let the banks boycott the lifeblood of our state. Banks belonging to Restricted Financial Institutions will be prohibited from entering into banking contracts with the state of West Virginia.
Props to Bank of America for changing their policy – keep fighting! pic.twitter.com/eu8V58gvcg
– Riley Moore (@RileyMooreWV) July 28, 2022
West Virginia was the first to act, but there could soon be a lot of companies.
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“To be honest, we have really seen the weaponization of capital by some of the biggest banks and fund managers in the world,” said Derek Kreifels, CEO of the State Financial Officers Foundation. “If you want to create social change in this country, we have a democratic process that you should use to get it done.”
Kreifels said countries are forming an alliance to strengthen their collective power.
Texas editor Glenn Hegar asked banks to provide their fossil fuel investment policies as Texas compiled a list in response to a new law.
Kentucky and Oklahoma are also compiling the list.
Officials in Florida, South Carolina, Arizona, Louisiana, Idaho, Utah, Wyoming, Arkansas and North Dakota are looking for ways to deal with banks that aren’t in the fossil fuel business.
“These industries are economically indispensable to Kentucky,” State Treasurer spokeswoman Allison Ball told Fox Business. “They provide jobs for the people of Kentuckia, provide fuel and supply chains, and keep the lights on. We want to support these signature industries.
“We hope we’ve sent the message that if you don’t do business with Kentucky, we won’t do business with you.”
“For years now, the cult of ESG economic activists has worked overtime to instill unwanted thought into the American economic system because they know their social policies won’t pass the voter sniff test.
“It’s anti-American, anti-liberal – a deliberate attempt to undermine our democracy and not in the best interests of Florida businesses, retirees or investors.”
South Carolina State Treasurer Curtis Loftis said he will fight what he calls “international or out-of-state activists and organizations”.
“I will not allow these rich and powerful classes to replace the voices of our citizens and the decisions of their elected representatives,” Loftis said.
This article originally appeared in Western Magazine.
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https://ijr.com/red-states-engage-assault-woke-banks-not-going-pay-own-destruction/ ‘We won’t pay for our self-destruction’