By Steven Allen Adams, The Journal
CHARLESTON, W.Va. — State Treasurer Riley Moore is leading West Virginia and a coalition of states to put banks on notice for playing politics with taxpayer dollars.
In a press release and video released Monday, Moore and financial officers in 15 other states wrote an open letter to the U.S. banking industry warning them against pulling investments from fossil fuel industries or making decisions about investments based on political considerations. Moore called this “woke capitalism.”
“I’m announcing a multistate coalition of state treasurers and state financial officers to push back against the woke capitalism that is happening in this country right now,” Moore said in a video statement. “Currently, we have banks that are denying capital to the fossil fuel industry around the country. Coal, gas and oil are critical industries in our country. As a coalition, we’ve come together to say we’re not going to take it anymore.”
According to the letter, Moore and the coalition said they would take collective action against banks who boycott investing in coal, oil, natural gas and other fossil fuels. While each state has different laws governing what they can do, Moore said it was possible that states could close accounts at banks who choose to deny fossil fuel companies access to loans and other forms of banking services…