Attorney General Ken Paxton says Texas is joining a multi-state investigation of the biggest names in banking over whether the financial institutions agreed to block credit to companies involved in fossil fuel-related activities.
The attorney general said Wednesday that he believes the banks — Bank of America, Wells Fargo, Morgan Stanley, JPMorgan Chase, Goldman Sachs and Citigroup — each pledged that their lending practices would reach net-zero greenhouse gas emissions by 2050.
That agreement under the Net Zero Banking Alliance could violate consumer protection laws because it would “starve” certain companies of credit on national and international markets, Paxton said.
