Left-leaning banks are crafting their policies against the fossil fuel industry to make it comply with highly liberal greenhouse emission standards.
However, red states are planning to punish these woke financial institutions, which aim to destroy the economy of the country to protect their political interests.
Red States Take Decisive Actions Against Woke Banks
Last week, West Virginia stopped five banks, including JPMorgan, BlackRock, and Goldman Sachs, from entering any new contract with the treasurer’s office of the state or any other executive agency.
Reportedly, all of these five banks reduced commercial cooperation with the fossil fuel industry, which paid nearly $770 million in taxes to the state of West Virginia.
According to the State Treasurer of West Virginia, Riley Moore, the government does not want to promote the so-called Environmental, Social, and Governance (ESG) movement of woke banks, as it aims to cut the revenue sources for the state.
This is how we beat ESG.
We will not sit by and let banks boycott the lifeblood of our state. Banks on the Restricted Financial Institutions will be banned from banking contracts with the state of West Virginia.
Props to US Bank for changing their policies – keep fighting! pic.twitter.com/eu8V58gvcg
— Riley Moore (@RileyMooreWV) July 28, 2022
While Moore is the first official to start responding to the woke agenda of left-leaning banks, at least 15 red states are now preparing to bring such policies against partisan financial institutions.
Fox News contacted financial officers of different states to get their opinions on West Virginia’s policy while asking them about their approach to addressing wokeness in the banking sector.
The spokesperson for Texas Comptroller asserted his state is finalizing the names of the banks which need to be targeted in the anti-woke drive.
Last year, the Republican-led legislature of Texas passed a bill, according to which the state comptroller, Glenn Hegar, wrote letters to 19 banks and inquired about their fossil fuels policies.
Likewise, state financial officers in Florida, Wyoming, Utah, Idaho, South Carolina, Kentucky, North Dakota, Arkansas, Louisiana, Oklahoma, and Arizona suggested they want to take action against those banks which set policies against the energy sector of the country.
Apart from Texas, Oklahoma and Kentucky are already in the process of gathering the lists of woke financial institutions.
Republican states are preparing policies seeking to hit back at banks and financial institutions that have pledged to boycott fossil fuel investments as part of their green agenda. (Latest news at https://t.co/EGO0zsqUhM) https://t.co/4hJLmIGknF
— News Pug (@news_pug) August 4, 2022
Liberal Banks Want to Kill Revenue of Red States
Speaking to Fox Business, the spokesperson of the Kentucky State Treasurer insisted canceling the fossil fuel industry cannot be tolerated at any cost.
Ths industry provides employment to the masses, while moving the supply chain of the economy at the same time.
In addition to that, the office of the Oklahoma State Treasurer is gathering the names of banks which are at the crossroads of the fossil fuel industry.
The Oklahoma state legislature passed the Energy Discrimination Elimination Act, which will go into effect from November, eventually increasing the suffering of woke financial institutions.
While criticizing the authoritative approach of banks, Derel Kreifels, the CEO of a financial think tank, State Financial Officers Foundation (SFOF), asserted social change should only be encouraged using the democratic process.
Kreifels also noted that SFOF is operating a “NATO-like alliance” that aims to promote free-market policies with the help of state treasurers and financial officers.
This article appeared in TheDailyBeat and has been published here with permission.