15 GOP state treasurers are threatening to remove their states’ assets from banking institutions that “refuse to lend to” the coal industry and other energy companies.
The state treasurers, led by West Virginia Treasurer Riley Moore, sent their letter to climate czar John Kerry this week. The letter slammed his attempts to force big banks to cut funding from fossil fuels, noting their opposition to President Biden’s “command and control” measures.
“We want to put banking institutions on notice, as we urge them to not give in to the pressure from Biden and his team to blacklist coal, oil and natural gas firms,” the state treasurers said.
I’m proud to lead this fight! We will not sit by and allow woke capitalists to kill our jobs, economy, and future! This is un-American. https://t.co/rYb4mVoWZP
— State Treasurer Riley Moore (@RileyMooreWV) May 26, 2021
Kerry privately put pressure on banks earlier this year to ensure their lending and portfolios were “climate-friendly,” Politico reported. The Biden team has come under scrutiny from GOP lawmakers over their agenda to pressure these institutions.
The state treasurers signing the letter represent the country’s largest energy producers and collectively hold over $600 billion in assets. The letter’s signers threatened to end contracts with banks that refuse lending to fossil fuel companies in response to Democrat pressure.
“As the financial officers of our states, we trust financial institutions with billions of taxpayers’ money,” the treasurers said. “It is reasonable that we consider the tactics an institution is engaged in when those tactics will hurt the people whose money they are managing.”
Moore also told reporters that gas and coal producers in West Virginia have detailed problems getting financing from banks. He laid the blame on the Biden administration for pressuring banks to “green” their portfolios.
“It’s not fair for West Virginian citizens to allow a bank to manage our money when they are directly opposed to our way of life,” he said.
Author: Blake Ambrose