CHARLESTON – West Virginia Treasurer Riley Moore is spearheading a 15-state coalition that plans to scrutinize and possible curb business with banks that adopt policies to cut off financing for the coal, oil and natural gas industries.
The coalition, which represents more than $600 billion in public assets, says it will consider whether financial institutions are engaged in boycotts of America’s traditional energy industries when awarding state banking contracts. The coalition includes state treasurers, auditors and comptrollers.
“I’m proud to continue to stand with my colleagues against these attacks on our states’ coal, oil and natural gas industries,” Moore said. “These industries – which are engaged in perfectly legal activities – provide jobs, paychecks and benefits to thousands of hard-working families in our states and we will not stand idly by and allow our peoples’ livelihoods to be destroyed to advance a radical social agenda.”
Moore said he came up with this idea after talking with coal and gas producers in the state.
“They had brought this to my attention that they were getting increased scrutiny and seeing a potential loss of capital based on the industries that they’re in,” Moore told The West Virginia Record. “And then, the Biden administration started using coercive tactics, so we started looking into it.
“I started talking to other states, and they were encountering the exact same things.”
Moore said he worked to form this coalition to push back on “woke capitalism.”
“If you don’t want to do business with our industries, we have to take a look at whether we want to do business with you,” Moore told The Record. “A certain amount of our tax dollars are generated from coal and gas industries. And as steward of public funds for the state, there is a clear conflict of interest for us to put our funds in a bank trying to diminish our tax dollars.”
In the open letter sent to banking industry officials November 22, the coalition says each state state will take steps to select financial institutions that are not engaged in boycotts of fossil fuels.
In addition to West Virginia, the states that are part of the coalition are Alabama, Arizona, Arkansas, Idaho, Kentucky, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Texas, Utah and Wyoming.
“As the chief financial officers of our states, we have a fiduciary duty to act in the best interest of our people – so if a company says it will engage in tactics to diminish our state’s funds and destroy our people’s livelihoods, we cannot entrust those same institutions with taxpayer dollars,” Moore said. “We cannot allow companies that have a stated goal of harming key industries or the economies of our states to then turn around and try to profit from our states’ finances.”
The letter says the coalition isn’t asking for special treatment for these industries. The group just wants these companies to be treated like any other.
“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. “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.
“It’s time we fight back to protect our economies, jobs, tax revenue and energy independence from these increasing attacks on our critical industries.”
Earlier this year, Moore led a group of 15 state treasurers opposing the Biden administration’s efforts to eliminate investment in the fossil fuel industry.
“This administration has made clear they will not stop their attacks on the American energy industry, so it’s time that we, as a collective of states, stand up for our people’s interests,” Moore said. “We will continue to take the lead in defending our citizens and these industries from these misguided, un-American attacks.”
The letter says the states will take different actions against the banking industry. JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Goldman Sachs were among the financial institutions that received a copy of the letter.
“However, the overarching objective of our actions will be the same – to protect our states’ economies, jobs, and energy independence from these unwarranted attacks on our critical industries,” it states. “The coal, oil, and natural gas industries provide well-paying jobs, health insurance, basic infrastructure, and quality of life to citizens in every state.
“As the Obama Administration’s War on Coal demonstrated, reckless attacks on law-abiding energy companies cut off paychecks for workers and take food off the tables of hard-working families.
“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 financing for traditional energy production companies.”
The letter says the officials understand the banks might be under “tremendous undue pressure” from the Biden administration.
“We believe, as almost all Americans do, that the free market should remain free and not be manipulated to advance social agendas,” the letter states. “We are not asking for special treatment of the fossil fuel industries.
“To the contrary, we simply want financial institutions to assess fossil fuel businesses as other legal businesses – without prejudice or preference. It is our sincere hope that no financial institution will be rendered ineligible to provide banking services to our states based on the concerns described herein.”
After no actions were taken following the original letter sent to the Biden administration, Moore said a more proactive approach needs to be taken.
“In West Virginia, specifically, we are going to change our contracting processes (RFP) to certify financial institutions are not boycotting the fossil fuel industry,” Moore told The Record. “If that’s the case, then you can’t bid on a banking contract.”
Moore said there are plenty of banks out there that would be more than happy to work with these states that are part of the coalition.
“Frankly, some are probably happy we are doing this so they can go back to their board and shareholders,” Moore said.
He also noted that the country is in the middle of “a freaking energy crisis.”
“Joe Biden has now had to draw down from the strategic petroleum preserves, and we’re talking about cutting off capital to fossil fuel companies,” Moore said. “Come on! Give me a break. This can’t be real. This isn’t based in reality.
“And remember, these are the same globalist interests that sold all of us, including West Virginia, on this idea that globalization is great. Goods were going to be cheaper, the cost of living was going to go down. And what did that get us?
“They ended up dropping Walmarts all over the state of West Virginia and other states like us, and they hollowed out and gutted our towns and small businesses. Now, they’re telling us our industries are no good.
“What’s left for us? Working at Walmart. That isn’t living. We are indentured to them. And we aren’t going to take it anymore. …
“Not so long ago, we were in a place where we were energy independent. Now, we aren’t and we’re paying the price.”
Moore said financial contracts always are coming up.
“Moving forward, this is how the process is going to look,” Moore told The Record. “I’m open to conversation if they’d like to walk back these policies, but I’m not walking back my policy – not even one inch.
“And listen, I am not a market regulator. I’m a market participant, and I’m stating my preference. It’s as simple as that. I’m trying to stand up here to fight for our jobs, our states, our economy and the working people of West Virginia.”
