John Kerry received a threat
At least 15 Republican state treasures have just threatened to pull assets from financial institutions that “refuse to lend to or invest in” the coal industry and fossil fuels in general.
Riley Moore of coal-dependent West Virginia leads the state treasures. He penned a letter to special climate envoy John Kerry. In his letter, Moore criticized Kerry’s efforts to pressure big banks and lenders to cut off fossil fuels. The coalition opposes Biden’s “command and control” policies.
“We intend to put banks and financial institutions on notice of our position, as we urge them not to give in to pressure from the Biden administration to refuse to lend to or invest in coal, oil, and natural gas companies,” the state treasurers wrote.
Kerry thought it would be wise to pressure big banks. He wanted them to make their lending commitments and investment portfolios more climate-friendly.
Joe Biden and his administration are facing scrutiny from Republican lawmakers over their plans to pressure financial institutions.
The state treasurers who inked the letter are actually some of the largest fossil fuel producers in the country. The group manages more than $600 billion in assets as confirmed by financial records obtained by Axios. Treasures threaten to terminate their contracts with banks that stopped lending to the state’s fossil fuel industry following the federal pressure.
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“As the chief financial officers of our respective states, we entrust banks and financial institutions with billions of our taxpayers’ dollars,” the treasurers said. “It is only logical that we will give significant weight to the fact that an institution engaged in tactics that will harm the people whose money they are handling before entering into or extending any contract.”
Moore said that coal and gas producers in West Virginia had trouble obtaining finances from banks. He blames Biden and his administration for forcing financial institutions to “green” their lending and investment portfolios.
“Frankly, it is not fair for the people of West Virginia to allow a bank to handle our money when they’re diametrically opposed to our way of life,” he said.