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OPINION

W. Va. Treasurer Uses Conservative Power for the People

coal energy fossil fuels shipping

Coal awaiting shipment at a coal company terminal in the Appalachian Mountains in West Virginia. (Scottnodine/Dreamstime.com)

Michael Reagan By with Michael R. Shannon Friday, 01 March 2024 04:12 PM EST Current | Bio | Archive

West Virginia State Treasurer Riley Moore is conducting a master class in how to use power in a red state to protect your voters.

First, proactive Moore persuaded the legislature to pass the Restricted Financial Institution Law in 2022.

This law, according to Moore, "authorizes the State Treasurer to publish a list of financial institutions that have publicly stated they will refuse, terminate or limit doing business with coal, oil or natural gas companies without a reasonable business purpose.

"Under the law, the Treasurer may exclude banks on the list from eligibility for contracts for state banking services, ensuring that financial institutions are not holding the same state revenue and taxpayer dollars their ESG policies are attempting to diminish."

Why is this important to residents of the Mountain State?

The New York Times explains, "Taxes from coal and fossil fuel industries are the third-largest source of funds for West Virginia, according to the state.

"In the most recent fiscal year, the state collected some $769 million in severance taxes from coal and other fossil fuel companies, representing 13 percent of the $5.89 billion in funds collected by the state."

In fact, while Wyoming is the nation’s largest coal producer, West Virginia is second.

Those funds represent tax dollars West Virginia residents don’t have to pay and jobs that keep West Virginia business and residents working and earning a living.

Going after those Wall Street plutocrats and their fossil fuel jihad is working on behalf of the people who elected Moore.

Moore didn’t waste any time after the law was passed.

On July 28, 2022 Moore notified five blue state money firms that West Virginia would no longer be doing business with the firms because the ideologically driven bankers are boycotting the coal industry.

The New York Times again, presumably gnashing its teeth, wrote: "[This] is the first time a state has moved to sever banking relationships with major Wall Street firms over objections to their efforts to reduce dangerous planet-warming emissions."

That time it was Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and BlackRock.

In response the firms were seemingly less than forthright.

"BlackRock said it 'does not boycott energy companies' and does 'not pursue divestment from sectors and industries as a policy.'"

Yet The New York Times, in a burst of rare truth-telling rare these days, pointed out: "In 2020, the BlackRock took aim at the coal industry in its annual letter to clients, announcing that the firm’s managed funds would begin divesting from coal companies."

Now Moore has sent a warning to an additional six — unnamed as yet — financial firms warning that those companies could join BlackRock and Goldman Sachs on the state’s financial black list.

We hope other red state treasurers are paying close attention and following Moore’s lead.

Red state elected officials at every level have a wide variety of power at their disposal, it’s way past time for all elected officials to start using that power.

That’s the good news for residents of the Mountain State.

The bad news is Moore has decided to be one and done as state treasurer.

Now he’s running for Congress, where, if he wins, his proactive politics will be bogged down in the muck of a swampy D.C. run by do-nothing comb over conservatives.

We fear that instead of fighting for his constituents, Moore will be watching helplessly as the GOP controlled opposition sells them out.

(Related articles may be found here, and here).

Michael Reagan, the eldest son of President Reagan, is a Newsmax TV analyst. A syndicated columnist and author, he chairs The Reagan Legacy Foundation. Michael is an in-demand speaker with Premiere speaker's bureau. Read Michael Reagan's Reports — More Here.

Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning political and advertising consultant with nationwide and international experience. He is author of "Conservative Christian's Guidebook for Living in Secular Times (Now With Added Humor!)" Read Michael Shannon's Reports — More Here.

© Mike Reagan


Reagan
Red state elected officials at every level have a wide variety of power at their disposal, it’s way past time for all elected officials to start using that power.
esg, coal, fossil
665
2024-12-01
Friday, 01 March 2024 04:12 PM
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