Coalition of State Treasurers to Oppose Biden Administration’s Attacks on the Fossil Fuel Industry
CHARLESTON, W.Va. – West Virginia State Treasurer Riley Moore announced today that he is leading a coalition of 15 state treasurers against what he says are attempts to Biden administration to pressure banks and other large financial institutions to disengage from coal, oil and natural. gas companies.
Moore says the Biden plan, if passed, would financially cripple these industries and hurt the livelihoods of thousands of West Virginians.
“The US economy is built on free markets and the free flow of capital,” said Treasurer Moore. “This administration’s attempts to circumvent the law and intimidate banks into obtaining financing from fossil fuel companies are downright anti-capitalist and anti-American. This is the kind of heavy social pressure in the service of central planning that we expect from communist China, not from the freest country in the world.
The group has sent a letter to Kerry stressing their opposition to these efforts and suggesting steps they could take to discourage financial institutions from participating in the Kerry-backed program.
“As a collective, we strongly oppose command and control economic policies that attempt to bend the free market to the political will of government officials,” the treasurers wrote. “It is simply contrary to our nation’s position as a democracy and capitalist economy for the executive branch to intimidate corporations into restricting legal activities.”
The treasurers observed that cutting loans to these industries, which are engaged in perfectly legal activities, would significantly damage the economies of their states, resulting in significant job losses.
“The coal, petroleum and natural gas industries in our states are vital to the economy of our country,” they wrote. “These industries provide jobs, health insurance, essential tax revenues and a quality of life for families across the country. Like the Obama administration War on coal demonstrated, reckless attacks on the fossil fuel industry have ended up cutting workers’ paycheques and taking food away from hard-working middle-class families.
The treasurers said they would keep a close watch on financial institutions that come under pressure from the administration. In addition, the treasurers are further committed to responding in the best interests of their constituents.
“As CFOs of our respective states, we entrust banks and financial institutions with billions of taxpayer dollars,” they wrote. “It makes perfect sense that we give significant weight to the fact that an institution has engaged in tactics that would harm the people whose money it manages before entering into or extending a contract.”
“We just saw in Georgia what happens when a liberal mob can’t get their policies passed through legal means, so they resort to the intimidating tactics of ‘awakened capitalism’ to get their way,” said Treasurer Moore. “As treasurers, we sound the alarm bells that if these people try to push their radical agenda in a way that harms our states, we will act to protect our economies and our people from the ill effects of the mob. awake. “
Treasurer Moore was joined on the letter by Alabama Treasurer John McMillan, Arizona Treasurer Kimberly Yee, Arkansas Treasurer Dennis Milligan, Idaho Treasurer Julie A. Ellsworth, Treasurer of Kentucky Allison Ball, Mississippi Treasurer David McRae, Missouri Treasurer Scott Fitzpatrick, Nebraska Treasurer John Murante, North Dakota Treasurer Thomas Beadle, Ohio Treasurer Robert Sprague, Oklahoma Treasurer Randy McDaniel, Pennsylvania Treasurer Stacy Garrity, South Carolina Treasurer Curtis Loftis Jr., and South Dakota Treasurer Josh Haeder.