West Virginia’s legislature has approved a proposal that could restrict the state’s work with financial institutions that have limited their business with coal and oil companies.
The measure, Senate Bill 262, is now under consideration by Republican Gov. Jim Justice, after clearing both chambers over the weekend. If enacted, the legislation would allow state Treasurer Riley Moore, also a Republican, to create a list of restricted financial institutions that “have been shown to refuse, terminate or limit commercial activity with coal, oil or natural gas companies without a reasonable business purpose,” his office said in a statement Monday.
Moore, who proposed the bill, obtains banking contracts for the state and approves such agreements for state agencies. West Virginia’s approved depositories include dozens of banks, such as JPMorgan Chase & Co. and Wells Fargo & Co.
