On Tuesday, January 4, Republican Allison Ball, Kentucky state treasurer, moved to protect American workers and energy from woke banks. She named 11 large banks that are trying to boycott and ruin the fossil fuel industry.
Ball is now threatening to divest the state of Kentucky from these banks completely if they don’t stop playing politics with the state’s fossil fuel sector. She intends to see what true interest these banks are and whether they are really giving value to state taxpayers.
According to Ball, these institutions have stopped investing and supporting the crucially important oil and gas sector that underpins Kentucky.
Why Kentucky Matters
Kentucky is very reliant on the fossil fuel industry in its state economy to keep workers working and families fed.
As well, Kentucky is responsible for distributing power to many other U.S. states, thanks to its thriving oil and gas sector.
If, in fact, non-investment in fossil fuels turns out to be part of a plot by these woke banks, the state government has every right to divest from them. The suspicion of the boycott is real and it’s not recent.
Ball said in an official statement that financial institutions divert funds that should be allocated to the fossil fuel industries and this impedes Kentucky’s economic development.
According to Ball, this is a serious problem which must be stopped and is causing workers and families to suffer, including those with jobs in the supply chain.
GOOD: Kentucky on Tuesday warned 11 major financial companies, including Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and BlackRock Inc (BLK.N), of potential divestment over their "boycott" of energy companies. https://t.co/Eq9kwEwGIl
— Ted Abram (@TedAbram1) January 4, 2023
The Interconnected Economy
Many people suffer from non-investment in the fossil fuel industry; when woke banks play games, it puts at risk many jobs and consequently takes away food from the tables of many families.
Ball concluded by saying that it is unacceptable the way banks are meddling in this issue.
She’s right to be concerned. According to the U.S. Department of Energy, in the summer of 2022, more than 70% of Kentucky’s energy since the summer of 2021 was from its coal industry.
The strong local energy industry makes Kentucky have some of the best electricity prices in the U.S., and the fossil fuel industry accounts for 8% of jobs in the country.
Banks have a deadline to account for Ball’s accusation of precisely 30 days. Among some of these financial institutions are BlackRock, JPMorgan, Citigroup, and eight others.
West Virginia Treasurer Riley Moore recently confronted Larry Fink, CEO of BlackRock, about investments in the energy industry. BlackRock is one of Wall Street’s largest shareholder companies, with significant assets reaching trillions.
Though the company insists it is a supporter of the green industry, which cares about the environment and the decarbonization of the energy industries. In view of this statement, many politicians in the Republican Party have turned against them.
Financial managers in several states asked taxpayers to stop investing and to withdraw their assets at BlackRock as soon as possible including the states of Florida, Missouri, Louisiana, Arkansas, South Carolina, Utah, Texas, and Arizona.
Kentucky Warns JPMorgan, BlackRock, Citi of Divestment for “Boycotting Energy Companies” https://t.co/IRhTC23TNW
— Dr. Tara Shirvani (@Tara_Shi) January 4, 2023
The Bottom Line
Woke banks need to stop playing politics with American workers and American energy. They can keep their globalist politics to themselves because we’re not interested in their new socialist world order.This article appeared in FreshOffThePress and has been published here with permission.