SC State Treasurer and others oppose Biden administration pressure on banking sector

COLUMBIA, SC (WIS) – South Carolina State Treasurer Curtis Loftis announced on Monday that he has joined an alliance of 15 state treasurers to denounce apparent attempts by President Joe Biden’s administration to put pressure on the banks to withdraw from the coal, oil and natural gas companies.

“As a state banker and chairman of the State Council of Financial Institutions, I strongly oppose the attempt by President Biden and his fellow Democrats to force their Green New Deal initiatives through Congress,” he said. said Loftis. “It has become evident that they do not have the support to be successful, and now they are trying to intimidate our financial institutions into implementing their radical agenda.”

Treasurers are speaking following media reports that the president’s special climate envoy John Kerry privately lobbied banks to suspend lending to fossil fuel industries.

The group sent a letter to Kerry outlining their opposition to these efforts and suggesting steps they could take to discourage financial institutions from participating in the Kerry-backed program.

“As a collective, we strongly oppose command and control economic policies that attempt to bend the free market to the political will of government officials,” the treasurers wrote. “It is simply contrary to our nation’s position as a democracy and capitalist economy for the executive branch to intimidate companies into reducing their legal activities. “

The treasurers observed that restricting lending to these industries, which are engaged in perfectly legal activities, would cause substantial damage to the economies of their states, leading to significant job losses.

“The coal, oil and natural gas industries in our states are vital to the economy of our country,” they wrote. “These industries provide jobs, health insurance, essential tax revenues and a quality of life for families in our country. Like the Obama administration Coal war The thoughtless and demonstrated attacks on the fossil fuel industry ultimately cut workers’ wages and took food from hard-working middle-class families.

Treasurers will closely monitor which financial institutions bow to pressure from the administration and further pledge to respond in the best interests of their constituents.

“As CFOs of our respective states, we entrust banks and financial institutions with billions of taxpayer dollars,” they wrote. “It makes sense that we place a lot of weight on the fact that an institution engages in tactics that harm the people whose money it handles before entering into or extending a contract.”

In addition to West Virginia Treasurer Moore, South Carolina Treasurer Loftis was joined on the letter by Alabama Treasurer John McMillan, Arizona Treasurer Kimberly Yee, Arkansas Treasurer Dennis Milligan , Idaho Treasurer Julie A. Ellsworth, Kentucky Allison Ball Treasurer, Mississippi Treasurer David McRae, Missouri Treasurer Scott Fitzpatrick, Nebraska Treasurer John Murante, North Dakota Treasurer Thomas Beadle, Ohio Treasurer Robert Sprague, Oklahoma Treasurer Randy McDaniel, Pennsylvania Treasurer Stacy Garrity, and South Dakota Treasurer Josh Haeder.

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