Republican Governor Jim Justice has just allowed a bill passed by legislature to protect West Virginia’s oil, coal, and natural gas industries become a law. With this bill, the state treasurer now has the ability to stop state agencies from creating contracts with large banks and other financial institutions that have previously targeted traditional energy industries through the process of divestment.
Originally suggested to legislators by state Treasury Secretary Riley Moore (R), Senate Bill 262 was passed by West Virginia legislature in mid-March. From there it headed to the desk of Gov. Justice who “let [the] bill become law without his signature” according to the Charleston Gazette-Mail.
“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,” 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.”
SB 262 gives the state treasurer and his office the ability to create a “Restricted Financial Institution List,” which will be used moving forward to decide on which banks state agencies are approved to work with. The hope is that his will further ensure state agencies will not work with banks that divest from the oil and gas industry.
However, prior to being placed on the “Restricted Financial Institution List” banks will be given up to 45 days notice in order to allow for time to demonstrate that “it is not boycotting energy companies” per Gazette-Mail.
“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,” Moore stated.
Moore indicated the importance of the bill due to it aiding in making America energy independent and protecting American jobs.
“It’s time to fight back against those who are trying to wipe out thousands of middle-class jobs, and once again put America first and restore our energy independence,” the Republican official said.
The introduction of this new bill comes after gas prices have hit all-time record highs in the recent weeks. Currently, the average price stands at about $4.17 per gallon, which is still a large jump from this time last year when the average price was $2.87.
