{"id":1560196,"date":"2022-07-19T01:34:22","date_gmt":"2022-07-19T05:34:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1560196"},"modified":"2022-07-19T01:34:29","modified_gmt":"2022-07-19T05:34:29","slug":"financial-giants-reject-west-virginias-claims-that-theyre-boycotting-fossil-fuels","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/financial-giants-reject-west-virginias-claims-that-theyre-boycotting-fossil-fuels\/","title":{"rendered":"Financial Giants Reject West Virginia\u2019s Claims That They\u2019re Boycotting Fossil Fuels"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffinancial-giants-reject-west-virginias-claims-that-theyre-boycotting-fossil-fuels%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1560196&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BlackRock, JP Morgan Chase, others respond to boycott notices from West Virginia State Treasurer<\/p>\n<p>Six financial institutions that <a href=\"https:\/\/www.theepochtimes.com\/t-west-virginia\">West Virginia<\/a> Treasurer Riley Moore contacted over their alleged boycotting of the fossil fuel industry have replied, denying the accusations while laying the groundwork for what could be a protracted legal battle.<\/p>\n<p>The Epoch Times obtained the letters through a West Virginia Freedom of Information Act request.<\/p>\n<p>Moore <a href=\"https:\/\/www.theepochtimes.com\/here-are-the-six-banks-west-virginia-says-violate-its-fossil-fuel-anti-boycott-law_4530642.html\">sent letters<\/a> to BlackRock, JP Morgan Chase, U.S. Bancorp, Wells Fargo, Goldman Sachs, and Morgan Stanley on June 10.<\/p>\n<p>That was in line with a new West Virginia law that limits the state\u2019s ability to do business with financial institutions believed to be boycotting energy companies with ties to <a href=\"https:\/\/www.theepochtimes.com\/t-coal\">coal<\/a>, oil, or natural gas production.<\/p>\n<p>The companies had to respond to the letters within 30 days of receiving them to avoid being placed on a list of restricted financial institutions, which would have been published 45 days after Moore\u2019s office sent them.<\/p>\n<p>The West Virginia State Treasurer\u2019s Office still intends to publish a list of restricted financial institutions.<\/p>\n<p>Coal, natural gas, and oil are important sources of revenue for the Appalachian state, including through what are known as severance taxes.<\/p>\n<p>In Fiscal Year 2022, the state <a href=\"https:\/\/tax.wv.gov\/Documents\/Reports\/2022\/SeveranceTaxes.TaxData.FiscalYears.2015-2022.pdf\">collected<\/a> almost $800 million in such taxes, well above the nearly $300 million collected during the previous fiscal year.<\/p>\n<p>In addition to providing direct tax revenue, the fossil fuel industry is a significant driver of the state\u2019s overall prosperity.<\/p>\n<p>A West Virginia University research report <a href=\"https:\/\/researchrepository.wvu.edu\/cgi\/viewcontent.cgi?article=1326&#038;context=bureau_be\">found<\/a> that coal power and coal mining were collectively responsible for roughly $13.9 billion in economic activity in West Virginia during 2019.<\/p>\n<p>Unsurprisingly, one of the few national-level Democrats who defends <a href=\"https:\/\/www.theepochtimes.com\/t-fossil-fuels\">fossil fuels<\/a> is West Virginia Senator Joe Manchin.<\/p>\n<p>On July 14, Manchin made it apparent he would not back President Joe Biden\u2019s efforts<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Six financial institutions that West Virginia Treasurer Riley Moore contacted over their alleged boycotting of the fossil fuel industry have replied, denying the accusations while laying the groundwork for what could be a protracted legal battle. The Epoch Times obtained the letters through a West Virginia Freedom of Information Act request. Moore sent letters to [\u2026]<\/p>\n","protected":false},"author":152,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1560196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1560196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/152"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1560196"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1560196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1560196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1560196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1560196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}