Earlier this month West Virginia State Treasurer Riley Moore added four more banks to the state’s Restricted Financial Institution List, which came about as a result of a law passed in 2022 that aims to punish financial institutions that engage in responsible investing. Citigroup, HSBC, TD Bank, and The Northern Trust Company – which all rejected Moore’s accusations that they boycott the fossil fuel industry and pointed to evidence of ongoing funding and partnerships with energy companies – joined financial institutions BlackRock, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo on the list.
In response to the news, Unlocking America’s Future Kyle Herrig penned a letter to the editor in Charleston Gazette-Mail, West Virginia’s premier political news source:
West Virginia Treasurer Riley Moore put the state at risk this month, when he banned four more financial institutions from state business because they consider ESG factors when making investment decisions. – Kyle Herrig, Washington, D.C.
The move comes amidst a firehose of research showing the negative impact of these anti-ESG laws on the economy and Americans trying to save for retirement, including the $184 million burden Oklahoma residents have incurred over the first 17 months of implementation of a similar anti-ESG law.
You can read the letter HERE.
