A group of financial officers from fifteen states joined together to send a letter to major American financial institutions promising to withdraw around $600 billion in deposits and investments if the banks collaborate to deny capital to the domestic fossil fuel industry.
The group said they would conduct an “economic boycott” by acting together in the publicly released statement led by Republican West Virginia Treasurer Riley Moore. The letter noted that although each state would take individual action based on its governing laws and regulations, the “overarching objective” will be the protection of the economies, jobs, and energy independence of each state in the group.
Joining West Virginia in signing off on the letter were financial officers from Alabama, Arizona, Arkansas, Idaho, Kentucky, Louisiana, Missouri, Nebraska, North Dakota, South Carolina, South Dakota, Texas, Utah, and Wyoming.
Moore told the Federalist that states should not put tax dollars in banks that are “trying to diminish those dollars by trying to boycott our industries,” and that woke, globalist interests are “trying to dictate to us the way we need to live our lives.”
He added that he expected that there would be additional states joining in the collective effort. He said that he believed that several want to “see how this plays out.”
As he promised to do while campaigning, Joe Biden has moved aggressively to restrict domestic energy production since assuming office. He has suspended the issuance of new production leases on federal land and stopped drilling central American reserves. The most significant blow of all might be the administration’s pressure on Wall Street and the banking industry to choke off access to capital for energy producers.
The financial officers’ letter advised banks that the taxpayers in their states would not tolerate placing public money with financial institutions bent on destroying the American economy “in the name of climate change.”
The letter said that the states have a “compelling governmental interest” in choosing depository institutions that are not actively planning to harm the people who paid the taxes producing the funds on deposit. The statement went on to say that any bank adopting such policies “has a major conflict of interest” when managing those funds.