State Treasurer Riley Moore issued the following statement after his landmark fossil fuel banking protection bill, Senate Bill 262, became law on Wednesday.
“We are leading the way to protect our coal, oil and natural gas workers and companies from unfair, un-American boycotts of these critical energy industries,” Treasurer Moore said.
“At a time when energy demand is skyrocketing and consumers are bearing the brunt of generationally high inflation, it makes absolutely no sense for financial institutions to cut off capital and financing to these legal, profitable industries simply because they don’t align with their radical social and political agendas,” Treasurer Moore said.
“This law now puts the banking sector on notice: If you refuse to do business with our people, we won’t give you our people’s business.”
Senate Bill 262 will allow the Treasurer’s Office to create a “Restricted Financial Institution List” consisting of banks that have been shown to refuse, terminate or limit commercial activity with coal, oil or natural gas companies without a reasonable business purpose.
The Treasurer may exclude banks on the list from eligibility for state banking contracts, ensuring that financial institutions are not entrusted with the state revenue and taxpayer dollars they are attempting to diminish.
Since last May, Treasurer Moore has been leading national efforts to push back against attempts by President Biden and his allies to diminish access to capital for fossil fuel companies. In November, Treasurer Moore announced a 15-state coalition of state Treasurers and financial officers who have committed to reforming their state banking contract process to potentially limit business with banks that are engaged in boycotts of coal, oil and natural gas companies.