By Steven Allen Adams, The Intelligencer
CHARLESTON, W.Va. — On the heels of the state’s top banker taking action against an investment group pulling its funding from fossil fuel industries, a legislative committee took further actions against banks and investment firms.
The West Virginia Senate’s Energy, Industry and Mining Committee recommended Senate Bill 262 in a voice vote Tuesday afternoon, sending the bill to the Senate Finance Committee next.
The bill, sponsored by Sen. Rupie Phillips, R-Logan, and supported by State Treasurer Riley Moore, would authorize the State Treasurer to restrict state banking contracts with any bank or investment group that refuses to deal with coal or natural gas companies or terminates contracts with existing fossil fuel companies as a way to punish the companies for engaging in extractive industries.
SB 262 would require the State Treasurer to create and maintain a list of restricted financial institutions annually or as often as possible. The list must be made public with written notice to the financial institutions informing them they are on the restricted list…