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West Virginia state treasurer, Mr. Moore, coordinated a letter sent in November from 16 state treasurers and auditors to banks across the country, threatening “collective action by US financial institutions in response to the ongoing and growing economic boycott of traditional power generation industries.” ”
In the letter, it was stated, “It is our sincere hope that no financial institution will be brought into a position to provide banking services to our states.”
And in January Mr. Moore Withdrawn nearly $20 million from a fund managed by BlackRock because the firm has encouraged other companies to reduce emissions. BlackRock still manages several billion for the West Virginia state pension system. “We are withdrawing from BlackRock because they are withdrawing from us,” said Mr. Moore in an interview.
In particular, elected officials in conservative states were even more outspoken.
“These big banks are signaling virtue for being vigilant,” West Virginia state representative Gary Howell, who sponsored a bill to blacklist companies that give up fossil fuels, wrote in an email to Mr. Moore on February 8th. The message was received by Documented, a corporate monitoring group, as part of the Freedom of Information Act request. “They will either shut up or get on the list, that’s my point,” he wrote.
Mr Howell did not respond to a request for comment.
Idaho’s top elected officials, including the governor and the entire congressional delegation, A letter to the CEO of S&P Global last weekThe rating agency objected to the company’s use of ESG metrics for state rankings. “There is no way the State of Idaho could not conclude that S&P has adopted a politicized rating system,” Republicans wrote. Officials in other states, including Utah, sent similar letters.
South Carolina state treasurer Curtis Loftis emailed senior executives at JPMorgan on Sept. 1 and warned banks to “stay away from political culture wars and specifically ‘awaken'” the petty, ‘increasing’ culture of cancellation.
BlackRock’s Mr. Fink has emerged as the main target of the conservatives. Last June, BlackRock launched Engine No. It merged with Vanguard and State Street to help 1 win three seats on the Exxon board.
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