An investigation into six banks that operate in Indiana by state Atty. Gen. Todd Rokita, is about their lending practices. Rokita says the banks are cooperating with a United Nations directive and are avoiding lending money to companies that use fossil fuels.
Rokita says the banks are involved with the UN’s Net Zero Alliance.
“NZBA-member banks must set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050,” said a news release from Rokita’s office.
The banks under investigation are Bank of America; Citigroup; Goldman Sachs; JP Morgan Chase; Morgan Stanley; and Wells Fargo.
Rokita is joining 19 other state attorneys general in issuing “civil investigative demands”, which essentially are subpoenas, to get documents related to the involvement with the NZBA.
“These banks appear to be colluding with the UN to destroy American companies that specialize in fossil fuels or otherwise depend on them for energy,” said Rokita. “They are pushing an investment strategy designed not to maximize financial returns but to impose a leftist social and economic agenda that cannot otherwise be implemented through the ballot box.”
The news release from Rokita’s office, which came Wednesday, accuses all of the banks of being involved in a conspiracy.
“The apparent conspiracy among the banks represents yet another scheme reflective of so-called “ESG investing” – an approach that purports to prioritize environmental, social, and governance issues over profit,” said the release.
Rokita, a Republican, said he believes what he calls “woke-ism” is influencing bank policy and thus, is threatening “everyday Hoosiers”.
“This new woke-ism in the financial sector poses a real threat to everyday Hoosiers,” he said. “Indiana’s farmers, truck drivers, and fuel-industry workers are hurt when the radical Left attacks whole segments of our economy. And it’s troubling that these banks in the Net-Zero Banking Alliance are taking marching orders from UN globalists all-too-eager to undermine America’s best interests.”
Rokita promises more information.