Fifteen governors have come together to commit to bypassing the Biden administration and solving the supply chain crisis at our nation’s ports. And now, 14 GOP state treasurers are coming together to protect their state’s economies, jobs, and energy independence against Biden-led bank boycotts aimed at the oil and coal industry.
This bold move is being led by West Virginia Treasurer Riley Moore and 15 Republican state financial officers have banded together to join him in the fight.
“I’m proud to continue to stand with my colleagues against these attacks on our states’ coal, oil and natural gas industries,” Moore said. “These industries – which are engaged in perfectly legal activities – provide jobs, paychecks and benefits to thousands of hard-working families in our states and we will not stand idly by and allow our peoples’ livelihoods to be destroyed to advance a radical social agenda.”
The financial officers announced in a letter to U.S. banking institutions that they would be taking collective action in response to the ongoing and growing economic boycott of traditional energy production industries by U.S. financial institutions.
A total of fourteen Republican state treasurers signed on, including the treasurers of Arizona, Arkansas, and Alabama. They were joined in signing the letter by the Republican comptroller of Texas and Utah’s state auditor.
The letter focused on the Biden administration’s efforts to move toward the end of the coal and oil industries.
The financial officers wrote in the letter, “The Biden Administration has resumed these attacks by attempting to ban energy exploration on public lands and reportedly pressuring U.S. banks and financial institutions to limit, encumber, or outright refuse financing for traditional energy production companies.”
They also noted that Biden has a plan to stop financing traditional energy projects internationally. These GOP officers argued that this decision helped “Chinese interests” and led the U.S to be dependent on other countries for energy.
Because of their concerns clearly outlined in the letter, they concluded that each of them would take concrete steps within their authority to select financial institutions that support a free market and are not engaged in harmful fossil fuel industry boycotts. These institutions would be getting their states’ financial services contracts.
One of the steps that some of the states will also take is to make sure that the banks they work with will not be boycotting the oil and gas industry. In a press release, Riley Moore put most of the blame for banking’s aversions to the oil and gas industry on “woke capitalists” and “globalist actors.”
Moore stated, “Woke capitalists and globalist actors have been using the guise of climate change to press for anti-American reforms that reduce our country’s competitiveness against hostile nations like Russia and China. As a result, in less than a year our country has gone from energy independence to having a President who is begging OPEC and Russia to pump more oil.”
He also charged that attacks on the traditional energy industry were “misguided” and “un-American.” And he told the National Review that another reason he was forming the coalition was to protect the jobs of West Virginians.
The West Virginia treasurer said that the federal government sold his state on globalization and now the only businesses in our small towns are Wal-Marts. He said now they want to eliminate one of the only remaining industries that give West Virginians a good living.
Saule Omarova, Biden’s nominee for the Office of the Comptroller of the Currency, has actually said out loud that she wants the oil and gas industries to go bankrupt.
“Here what I’m thinking about is primarily coal industry and oil and gas industry. A lot of the smaller players in that industry are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change,” Omarova said in a video clip, publicized by the American Accountability Foundation (AAF).
Thank goodness for these brave GOP financial officers. Having the oil and gas industry going bankrupt before we find alternatives is not an acceptable solution.