Financial Giants Reject West Virginia’s Claims That They’re Boycotting Fossil Fuels
BlackRock, JP Morgan Chase, others respond to boycott notices from West Virginia State Treasurer
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 BlackRock, JP Morgan Chase, U.S. Bancorp, Wells Fargo, Goldman Sachs, and Morgan Stanley on June 10.
That was in line with a new West Virginia law that limits the state’s ability to do business with financial institutions believed to be boycotting energy companies with ties to coal, oil, or natural gas production.
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’s office sent them.
The West Virginia State Treasurer’s Office still intends to publish a list of restricted financial institutions.
Coal, natural gas, and oil are important sources of revenue for the Appalachian state, including through what are known as severance taxes.
In Fiscal Year 2022, the state collected almost $800 million in such taxes, well above the nearly $300 million collected during the previous fiscal year.
In addition to providing direct tax revenue, the fossil fuel industry is a significant driver of the state’s overall prosperity.
A West Virginia University research report found that coal power and coal mining were collectively responsible for roughly $13.9 billion in economic activity in West Virginia during 2019.
Unsurprisingly, one of the few national-level Democrats who defends fossil fuels is West Virginia Senator Joe Manchin.
On July 14, Manchin made it apparent he would not back President Joe Biden’s efforts
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