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Message
Ok pass law boycotting financial companies who discriminate against fossil fuels
Posted on 5/16/22 at 9:25 am
Posted on 5/16/22 at 9:25 am
quote:
Oklahoma Gov. Kevin Stitt makes it law—the state will no longer do business with financial firms that discriminate against oil and gas companies.
After legislative approval, House Bill 2034 was sent to the governor who signed the measure last week. Officially known as the “Energy Discrimination Elimination Act,” the new law will require the state treasurer to create a list of financial companies that are boycotting fossil fuel energy companies.
Oklahoma Energy Today
6
Posted on 5/16/22 at 9:26 am to DaBike
Posted on 5/16/22 at 9:32 am to DaBike
Oklahoma isn't a popular state but there are not many places I would rather move to in today's world.
Posted on 5/16/22 at 9:49 am to DaBike
quote:
Oklahoma Gov. Kevin Stitt makes it law—the state will no longer do business with financial firms that discriminate against oil and gas companies.
We need more of this.
Posted on 5/16/22 at 9:50 am to DaBike
Texas needs to do this in order to really turn the screws on these financial institutions
Posted on 5/16/22 at 10:04 am to Bourre
quote:
State Rep. Steve Toth (R-The Woodlands) announced Thursday that he’ll file legislation that would prohibit Texas banks from refusing to issue loans to fossil fuel companies.
“Banks and multinational investment corporations are cutting off financing to oil and gas companies,” said Toth. “It’s called ESG: Environmental, Social, and Governance, and investors are scoring companies by this criteria. What gets you a poor environmental score? Working in oil and gas. As members of the Net-Zero Banking Alliance, Wells Fargo, Bank of America, and Citi’s goal is to decarbonize their investment portfolios by 2050.”
LINK /
quote:
Texas Comptroller Glenn Hegar sent letters to 19 major financial companies whose entire operations effectively may be boycotting the fossil fuel industry. He is seeking to clarify their fossil fuel investment policies and procedures. Hegar also requested from these companies a list of any mutual funds or exchange-traded funds (ETFs) in their portfolios that prohibit or limit investment in fossil fuels.
These inquiries come as Hegar continues his efforts to implement the provisions of Senate Bill 13. The bill prohibits Texas state agencies that invest funds from investing in financial companies that boycott energy companies. A company that fails to provide clarification 60 days after receiving this letter will be presumed to be boycotting energy companies.
LINK
Posted on 5/16/22 at 10:09 am to DaBike
Quite a few State Treasurers have been using the influence of their office to punch back at financial institutions' discriminatory lending practices towards fossil fuel companies.
LINK /
quote:
Louisiana Treasurer John Schroder has cosigned a letter with 15 other state treasurers and chief financial officers warning large banks to back off an “ongoing and growing boycott” of traditional energy companies.
If not, the coalition of mostly energy-producing states said it would take a combined $600 billion in contracts elsewhere.
“We have a compelling government interest, when acting as participants in the financial services market on behalf of our respective states, to select financial institutions that are not engaged in tactics to harm the very people whose money they are handling,” the letter said. “Any financial institution that has adopted policies aimed at diminishing a large portion of our states’ revenue has a major conflict of interest against holding, maintaining, or managing those funds.”
The signatories said they are attempting to collectively protect their state economies and critical industries. Energy-rich states such as West Virginia, Texas and North Dakota are among them, though South Carolina, Alabama and Nebraska are also included.
LINK /
Posted on 5/16/22 at 11:13 am to El Segundo Guy
quote:
Oklahoma isn't a popular state but there are not many places I would rather move to in today's world.
Already here.
lol
Posted on 5/16/22 at 11:16 am to D500MAG
There Commerce laws that make this illegal. Start yanking licenses and arresting Boards in these banks.
Posted on 5/16/22 at 11:20 am to DaBike
(no message)
This post was edited on 8/26/22 at 2:34 pm
Posted on 5/16/22 at 11:35 am to TigerIron
Right on.. Okies be proud I tell ya...
and we got a marijuana Dispensary on every corner...
and we got a marijuana Dispensary on every corner...
Posted on 5/16/22 at 11:49 am to ragincajun03
quote:
If not, the coalition of mostly energy-producing states said it would take a combined $600 billion in contracts elsewhere.
I would prefer that the state force the utility providers to not provide any electricity to those entities. In Alabama the Public Service Commission is told by the state many things that they in turn require Alabama Power to do.
Pull the meters on all their banks and offices. If they are truly against fossil fuels they should welcome the change. If not they are hypocrites.
Posted on 5/16/22 at 11:53 am to bluedragon
quote:
There Commerce laws that make this illegal. Start yanking licenses and arresting Boards in these banks.
No, it’s not illegal. If you have a bank you can boycott any industry you want, and you should be able to. Conversely, Oklahoma can boycott your bank.
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