Nineteen AGs are investigating six major banks for wokeness. Those banks include Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.
The banks are being investigated to see what, if any, connection they have with Net-Zero Banking Alliance, a project of the United Nations. That group denies companies and individuals banking privileges in order to target carbon emissions. This allows banks to withhold loans and other services mainly to oil companies and farmers.
Missouri State Attorney General Eric Schmitt said:
“The Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the UN, to starve companies engaged in fossil fuel-related activities of credit on national and international markets.”
The attorneys general requested that the financial institutions supply them with a list of “divisions, groups, offices, or business segments” that have connections to the Net-Zero Banking Alliance and include how the elimination of fossil fuels is weaved within their operations. Also, any other climate initiative that the banks are tied in with,
JP Morgan, the largest bank in the United States has dedicated @2.5 trillion dollars on climate change over the next ten years. That money is to be spent over the next decade to advance “advance long-term solutions that address climate change and contribute to sustainable development”. This will drive up the price of gas because only the large oil companies will be able to stay in business. Less competition, higher prices.
“We are leading a coalition investigating banks for ceding authority to the UN, which will only result in the killing of American companies that don’t subscribe to the woke, climate agenda. These banks are accountable to American laws — we don’t let international bodies set the standards for our businesses.”
Multiple conservative states have already divested from entities supporting ESG, arguing that the philosophy conflicts with fiduciary duties by the mingling of profitability with social activism. Missouri, South Carolina, and Louisiana have pulled well over $1 billion from asset management company BlackRock, which has taken “voting action on climate issues” against dozens of portfolio companies.
ESG investment appears to conflict with the expectations of most American investors, who expect companies to prioritize their business operations over any secondary agendas favored by executives. An exclusive poll from The Daily Wire showed that American investors would prefer that companies commit solely to the pursuit of profits, with 58% of respondents agreeing that companies leveraging their power for political or social ends is a “bad thing.”
Consumers’ Research Executive Director Will Hild said:
“States are holding big banks accountable for obvious violations and for peddling highly questionable climate initiatives under the label of ESG — all part of a coordinated effort to handicap American energy at the expense of consumers. These banks cannot be allowed to continue to promote a progressive agenda that prioritizes political activism over delivering for their hardworking American customers.”
All state laws are different, but banks that wish to do business in states where their laws prevent banks from discriminating against legal businesses to conduct business should be tossed out on the ears. The banks discriminate in other areas, too. Most notably gun manufacturers and gun shop owners. And it’s not only loans, it’s also the processing of consumer credit payments. What’s next? Are workers for these banned companies being denied access to banking? This needs to stop now.
Either banks toe the line or they leave the state. No exceptions.