GOP States Now Refusing To Do Any Business With Woke Banks

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Republican states are banning “woke and unfriendly” banks from doing business in their states.

‘We’re not going to pay for our own destruction,’ those were the exact words West Virginia State Treasurer Riley Moore sent a clear message to ‘woke’ banks who embrace Joe Biden’s agenda.

Moore determined that BlackRock, the world’s largest asset manager, as well as Wells Fargo, JP Morgan Chase, Morgan Stanley, and Goldman Sachs, are ineligible for state banking contracts due to their boycotts of fossil fuels.

The ban will cost the Wall Street firms $18 billion per year, according to Moore’s office.

Each of the five corporations had committed to policies limiting commercial engagement with the fossil fuel industry, which paid a whopping $769 million in taxes to West Virginia’s state government.

Here’s what West Virginia State Treasurer Riley Moore told FOX Business during an interview:

“We’re not going to pay for our own destruction, we’re not going to subsidize that. They have weaponized our tax dollars against the very people and industry that have generated them to begin with. That is why we’re pushing back against this ESG movement.”

More details of this report from WND:

One bank already has reacted to West Virginia’s move, he pointed out, with U.S. Bancorp reversing its prohibition of lending to oil and gas companies.

Fox Business reported at least 15 other Republican-led states plan to emulate West Virginia, proposing similar laws or policies.

The move toward ESG by some of the world’s largest banks and fund managers is a “weaponization of capital,” Derek Kreifels, the CEO of the State Financial Officers Foundation (SFOF), told Fox Business.

“If you want to make social change in this country, we have a democratic process that you should utilize to get that done,” he said.

The SFOF has built an alliance of state treasurers and financial officers committed to free market policies, Kreifels said.

Fox Business said that in addition to West Virginia, state financial officers in Texas, Kentucky, Oklahoma, Florida, South Carolina, Arizona, Louisiana, Idaho, Utah, Wyoming, Arkansas and North Dakota have said they would take or consider action against banks that boycott energy companies.

Arizona State Treasurer Kimberly Yee told Fox Business the criteria her office will use to determine future partnerships will be based on whether companies “stand for American values” rather than the ESG rating system.

Higher prices at the pump and broader inflation, she said, can be blamed on the Biden administration’s “ESG agenda.”

Democrats are moving to eliminate fossil fuels as part of their governing platform. In fact, their cult leader Joe Biden has taken several actions to curb fossil fuel production, including bans on oil and natural gas leases on federal land.

Biden also revoked the permit for the Keystone XL pipeline, which would have transported hundreds of thousands of barrels of oil from Canada to the United States. Democratic senators like Raphael Warnock (Ga.) have also pushed for the country to move away from oil and gas through a carbon tax.

Sources: WND, Fox Business

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