West Virginia Notifies 6 Banks They May Be Breaking State’s Fossil Fuel Anti-Boycott Law

Enacted in March, S. 262 directs the state to notify financial institutions that they’re slated for placement on the restricted financial institution list 45 days before the document is published.

Those institutions must respond within 30 days of receiving those notification letters to avoid winding up on the list.

In June 2021, Texas passed a similar law barring state agencies from investing in funds boycotting energy companies….

“[West Virginia intends] to put banks and financial institutions on notice of our position, as we urge them not to give in to pressure from the Biden administration to refuse to lend to or invest in coal, oil, and natural gas companies,” Moore and his colleagues wrote at the time.

Moore said it would be “very easy” to get West Virginia to change its increasingly aggressive stance toward financial institutions that have turned against fossil fuels or embraced extreme environmental, social, and governance (ESG) investment practices.

“All you all need to do is have banks act like banks, asset managers act like asset managers, and maximize returns for your shareholders and your company. It’s pretty simple. I mean, that’s kind of how capitalism works,” he said.

[theepochtimes.com]