15 States Join Forces to Protect Oil Industry from ‘Woke’ Banks
'Reckless attacks on law-abiding energy companies'
Fifteen states have announced they will push against banks that divest from the fossil fuel industry.
The announcement said that the coalition of top state financial officers represents over $600 billion in public assets under management.
The officials warned the banking industry leaders in a letter that they would consider institutions’ boycotts of fossil fuel companies before awarding state contracts.
“Reckless attacks on law-abiding energy companies cut off paychecks for workers and take food off the tables of hard-working families,” Moore and the other officials wrote.
“The Biden Administration has resumed these attacks by attempting to ban energy exploration on public lands and reportedly pressuring U.S. banks and financial institutions to limit, encumber, or outright refuse to finance for traditional energy production companies.”
“These misguided political schemes have impeded economic growth, driven up consumer costs, and regressed our country to foreign energy dependence,” the letter continued.
Treasurer Moore has formed a coalition of state financial officers who have committed to scrutinize or potentially curtail future business with banks that adopt corporate policies to cut off financing for the coal, oil & natural gas industries.— WVTreasury (@WVTreasury) November 22, 2021
Read more: https://t.co/oYAMiAHIUY pic.twitter.com/FHl0BEFBcL
They argued the fossil fuel industry provides jobs, health insurance, infrastructure for Americans.
Earlier this year, Joe Biden blocked major pipelines, ditched oil drilling projects, and banned new oil and gas leases on federal lands in line with the Democrat's green agenda.
The Biden administration is also aggressively pushing their Build Back Better Act which includes several green energy handouts and tax on methane emissions.
Meanwhile, the Treasury Department issued guidance saying the United States would oppose multilateral development banks’ involvement in fossil fuel projects.
Moore and the other financial officers argued such a move would help and develop “Chinese interests.”
“Woke capitalists and globalist actors have been using the guise of climate change to press for anti-American reforms that reduce our country’s competitiveness against hostile nations like Russia and China,” Moore said in a statement.
“As a result, in less than a year, our country has gone from energy independence to having a President who is begging OPEC and Russia to pump more oil,” he continued.
“It’s time we fight back to protect our economies, jobs, tax revenue, and energy independence from these increasing attacks on our critical industries.”
Major financial players like JPMorgan Chase, Citi Bank, and Bank of America have committed to environmental goals.
Last week, Neon Nettle reported Biden paid a highly-publicized visit to a General Motors-owned electric car factory shortly after the company paid a White House-linked lobbyist almost $160,000.
The lobbyist is Jeff Ricchetti — the brother of Steve Ricchetti, who serves as counselor to Biden and works as chief of staff to the then-vice president from 2013 to 2017.
Jeff Ricchetti has earned $160,000 from General Motors - a company that has received an unusual level of attention from the White House.
The payments were unearthed in an investigation by Matthew Foldi of The Washington Free Beacon.