{"id":2215683,"date":"2024-04-08T14:40:01","date_gmt":"2024-04-08T18:40:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/west-virginia-bans-four-more-financial-institutions-over-esg-policies\/"},"modified":"2024-04-08T14:41:22","modified_gmt":"2024-04-08T18:41:22","slug":"west-virginia-bans-four-more-financial-institutions-over-esg-policies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/west-virginia-bans-four-more-financial-institutions-over-esg-policies\/","title":{"rendered":"West Virginia prohibits four additional financial institutions due to their ESG policies"},"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\">24<\/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%2Fwest-virginia-bans-four-more-financial-institutions-over-esg-policies%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=2215683&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>West Virginia\u200d is excluding more banks \u200bfrom <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-commerce-secy-pick-takes-soft-stance-on-china\/\" title=\"Biden\u2019s commerce secy. pick takes soft stance on China\">state contracts<\/a> for their\u200b ESG policies and boycotts of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/liberal-dark-money-network-is-behind-grassroots-support-for-dem-climate-bill\/\" title=\"Liberal Dark Money Network Is Behind \u2018Grassroots\u2019 Support for Dem Climate Bill\">fossil fuel companies<\/a>. State Treasurer Riley Moore disclosed this action, including Citibank, TD Bank, Northern Trust, and HSBC Holdings.\u200b This decision follows previous restrictions on\u200b five\u200b firms, with reported financial consequences. Moore anticipates \u2064other states may adopt similar measures while emphasizing the importance of ESG considerations.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/west-virginia\" target=\"_blank\" rel=\"noreferrer noopener\">West Virginia<\/a> is banning four more banks from state contracts over their <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/esg\" target=\"_blank\" rel=\"noopener\" title>ESG<\/a> policies and \u201cboycotts\u201d of <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/fossil-fuels\" target=\"_blank\" rel=\"noreferrer noopener\">fossil fuel<\/a> companies.<\/p>\n<p>Riley Moore, the West Virginia state treasurer, made the announcement on Monday. The firms, which include Citibank, TD Bank, Northern Trust, and HSBC Holdings, had all been notified in February that their state contracts were at risk.<\/p>\n<p>The state had already placed five firms on its restricted institutions list \u2014 BlackRock, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, and Wells Fargo. The first five firms on the list have lost access to some $18 billion in annual inflows and outflows.<\/p>\n<p>\u201cThat\u2019s certainly, I think, a tremendous loss for them,\u201d Moore told the <em>Washington Examiner<\/em> during a Monday phone call after the latest four firms were added. \u201cWe really kicked off this coalition effort around this, so they are going to be other states looking at what we have done. And I would not be surprised in the future if you did see some of these institutions end up on other lists.\u201d<\/p>\n<p>Notably, Moore had notified six different firms in February that they would be added to West Virginia\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/west-virginia-bill-protecting-traditional-energy-industries-from-banks-that-target-oil-and-gas-takes-effect\/\" title=\"West Virginia Bill Protecting Traditional Energy Industries From Banks That Target Oil And Gas Takes Effect\">restricted financial institution list<\/a> in 45 days unless they could demonstrate to Moore\u2019s office that they were not engaged in a boycott of fossil fuel companies.<\/p>\n<p>Moore said that two of those firms, BMO Bank and Fifth Third Bank, actually altered their policies to avoid getting added to the Mountain State\u2019s restricted institutions list, something he called \u201cquite a bit of a success story.\u201d<\/p>\n<p>\u201cAt the end of the day, this is how we win,\u201d Moore said. \u201cTrying to get banks to act like banks, keeping the free market free.\u201d<\/p>\n<p>The move is just another push in a larger Republican broadside against environmental, social, and governance practices, known as <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/esg\" target=\"_blank\" rel=\"noreferrer noopener\">ESG<\/a>, which has been a growing priority for corporations and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/flashback-former-ag-barr-initiated-spying-program-on-americans-back-in-1992\/\" title=\"FLASHBACK: Former AG Barr Initiated Spying Program on Americans Back in 1992\">financial institutions<\/a> over the years.<\/p>\n<p>The shift away from fossil fuels is part of the larger corporate move toward the prioritization of ESG goals. Proponents argue that ESG is a way the finance and business sectors can help reform society, such as by mitigating the effects of climate change. Those who oppose ESG say it distorts the economy and even the culture.<\/p>\n<p>Other Republican-led states have gone after major firms over concerns about ESG.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>For instance, in a <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2941273\/mississippi-slaps-blackrock-cease-and-desist-order-esg\/\" target=\"_blank\" rel=\"noopener\" title>cease-and-desist order<\/a> last month, Mississippi Secretary of State Michael Watson accused money manager BlackRock of making \u201cfraudulent statements, omissions, and other misrepresentations\u201d about its environmental, social, and governance strategies.<\/p>\n<p>Also recently, Texas State Board of Education Chairman Aaron Kinsey notified BlackRock that the state was <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/2927532\/texas-withdraws-8-billion-blackrock-over-esg-biggest-divestment\/\" target=\"_blank\" rel=\"noreferrer noopener\">pulling some $8.5 billion<\/a> in investments from it over its ESG policies.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>West Virginia is excluding four banks from state contracts due to their ESG policies and perceived &#8220;boycotts&#8221; of fossil fuel companies. State Treasurer Riley Moore disclosed this decision on Monday. Citibank, TD Bank, Northern Trust, and HSBC Holdings were alerted in February about the jeopardy to their state contracts<\/p>\n","protected":false},"author":2683,"featured_media":2215684,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/oil-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2215683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/oil-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2215683","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\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2215683"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2215683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2215684"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2215683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2215683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2215683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}