A bill that would authorize the State Treasurer to compile a list of banks with policies against investments in fossil fuel industries like coal or gas advanced from the Energy, Industry and Mining committee on Tuesday afternoon.
Senate Bill 262 uses the word “boycott” to describe the action taken by certain banks against the fossil fuel industry.
Presumably, State Treasurer Riley Moore would then use the list to ban those banks from contracts with the state. Moore, speaking in favor of the bill Tuesday, noted this would not apply to pension or other investment funds, but rather to more routine deposits of state cash. Moore noted that of the 30 banking institutions the state currently does business with, perhaps two could be impacted by this proposed legislation.
Moore also defended criticism against opponents of the bill that contend he will be picking winners and losers in a private sector, free market process.
“I contend they are already picking a loser,” Moore said. “I’m a market participant. What I’m doing is stating my preferences in this marketplace.”
Moore closed by stating his believe that this bill stands up for the coal mining industry and other important industries in West Virginia.
“We’re trying to stand up for our critical industries, which are obviously critical to our tax collections as it relates to severance tax, Moore said.” “We want to do business with the folks that want to do business with us.”
This bill advances to be considered by the Senate Finance committee.
