West Virginia Leading the Way With S.B. 262
Senate Bill 262 protects West Virginia’s Jobs and Economy
S.B. 262 stops out-of-state bankers from bullying West Virginia into using tax dollars against the interests of the people who paid them.
What does S.B. 262 do?
The bill authorizes the state treasurer to…
a list of financial institutions engaged in active boycotts of energy companies.
It then allows the state treasurer the opportunity to refuse to enter a banking contract with any financial institution on that list.
Is this bill punitive?
Not at all! Newly identified restricted financial institutions will be notified by the treasurer informing them of their status and informed that they may be ineligible to enter, or remain in, banking contracts with the state of West Virginia.
Financial institutions even have recourse to remove their name from the list if they can demonstrate they are not engaged in such boycotts.
Why is this bill needed?
There is an attack on businesses and industries that don’t bend a knee to corporate wokeness. In particular, the fossil fuel industries are in the crosshairs.
S.B. 262 offers a proactive solution to select financial institutions that do not bow to the woke Leftist agenda. As a result, West Virginians can trust their state is making financial decisions based on prosperity—not politics.
SOURCE: Senate Bill 262 text as of March 7, 2022.