Treasurer Moore’s pro-fossil fuel bank protection bill becomes law

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CHARLESTON, W.Va. — State Treasurer Riley Moore released the following statement after his landmark fossil fuel bank protection bill, Senate Bill 262, became law Wednesday.

“We are leading the way to protect our coal, oil and natural gas workers and businesses from unjust and un-American boycotts of these critical energy industries,” Treasurer Moore said.

“At a time of soaring energy demand and consumers bearing the brunt of generationally high inflation, it makes absolutely no sense for financial institutions to cut capital and funding from these legal and profitable simply because they don’t align with their radical social and political agendas,” Treasurer Moore said.

“This law now puts the banking industry on notice: if you refuse to do business with our people, we will not give you our people’s business.”

Senate Bill 262 will allow the Treasurer’s Office to create a “restricted financial institutions list” of banks that have been shown to refuse, terminate or limit business activity with coal companies, petroleum or natural gas without a reasonable business purpose.

The Treasurer can exclude listed banks from eligibility for state banking contracts, ensuring that financial institutions are not entrusted with state revenues and taxpayers’ money that they are trying to diminish.

Since last May, Treasurer Moore has been leading national efforts to push back against attempts by President Biden and his allies to reduce access to capital for fossil fuel companies. In November, Treasurer Moore announced a coalition of 15 states of state treasurers and financial officers who have pledged to reform their state banking contract process to potentially limit doing business with banks engaged in the boycott. coal, oil and natural gas companies.

West Virginia Daily News has served Greenbrier and Monroe counties since 1852.

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