West Virginia threatens to ban six more financial institutions over ESG policies

West Virginia has notified six banks that it could ban them from state contracts because it appears they are engaged in “boycotts” of fossil fuel companies.

Riley Moore, the West Virginia state treasurer, notified the firms and said they would be added to West Virginia’s restricted financial institution list in 45 days unless they can demonstrate to Moore’s office that they are not engaged in a boycott of fossil fuel companies.

The financial institutions notified were Citibank, TD Bank, BMO Bank, Fifth Third Bank, Northern Trust, and HSBC Holdings. The state has already placed five firms on its restricted institutions list — BlackRock, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo. The five firms on the list have lost access to some $18 billion in annual inflows and outflows.

“They can make their case,” Moore said of the six
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