West Virginia is refusing to do business with Wall Street firms that boycott the fossil fuel industry, the first state in the nation to do so.
West Virginia treasurer Riley Moore (R.) on Thursday determined that BlackRock, the world’s largest asset manager, as well as Wells Fargo, JP Morgan Chase, Morgan Stanley, and Goldman Sachs, are ineligible for state banking contracts due to their boycotts of fossil fuels. The ban will cost the Wall Street firms $18 billion per year, according to Moore’s office.
“At the end of the day, all we want is for banks to act like banks,” Moore told the Washington Free Beacon, adding it would be hard for the state to continue functioning without the coal industry.
Democrats are moving to eliminate fossil fuels as part of their governing platform. President Joe Biden has taken several actions to curb fossil fuel production, including bans on oil and natural gas leases on federal land. The president also revoked the permit for the Keystone XL pipeline, which would have transported hundreds of thousands of barrels of oil from Canada to the United States. Democratic senators like Raphael Warnock (Ga.) have also pushed for the country to move away from oil and gas through a carbon tax.
The coal mining industry accounts for more than 11,000 jobs in West Virginia, and the state reaps hundreds of millions of dollars in severance taxes from coal extraction annually. The average coal miner engineer makes nearly $90,000 a year.
It’s about time for people with common sense to stand up and make a statement.
The states that won’t do business with anti fun woke businesses are awesome too
If this were a Communist nation, no states would boycott anything supported by central government, West Virginian coal miners would work for 1/4 pay, live in government housing, eat government approved food, use sketchy public (government) transportation, schools would be indoctrination centers, and this blog’s owner would be in a long term, pass-fail re-indoctrination sleepover camp where he’d be in pajamas and bare feet 24/7, listening to piped in propaganda slogans.
John?
They are smart! Good thinking, West Virginia!