Green New Deal runs into opposition

State treasurers fight Biden's bank pressure tactics 

Posted 6/4/21

State Treasurer Curtis Loftis has come out against bank bullying for a Green New Deal.

Loftis joined 14 other state treasurers opposing President Joe Biden’s attempts to pressure banks and …

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Green New Deal runs into opposition

State treasurers fight Biden's bank pressure tactics 

Posted

State Treasurer Curtis Loftis has come out against bank bullying for a Green New Deal.
Loftis joined 14 other state treasurers opposing President Joe Biden’s attempts to pressure banks and other financial institutions into denying loans to coal, oil and natural gas companies.
“I am strongly opposed to President Biden and his Democratic colleagues’ attempt to force their Green New Deal initiatives through Congress,” Loftis said. 
“It’s apparent they don’t have the support needed to succeed. Now they’re trying to bully our financial institutions to enact their radical agenda.”
Special Presidential Envoy for Climate John Kerry has privately pressured banks to cut off lending for fossil fuel industries, Loftis said.
The group has written Kerry suggesting steps they might take to discourage financial institutions from denying capital to the fossil fuel industry. The treasurers said they will closely watch which financial institutions bow to administration pressure.
“We strongly oppose command-and-control economic policies that attempt to bend the free market to the political will of government officials,” they wrote
Restricting lending to these industries would do substantial harm to their states’ economies, resulting in significant job losses, they wrote.
“The coal, oil, and natural gas industries in our states are vital to our nation’s economy,” they wrote. “These industries provide jobs, health insurance, critical tax revenue, and quality of life to families across our country. 
"As the Obama Administration’s War on Coal demonstrated, reckless attacks on the fossil fuel industry ultimately cut off paychecks for workers and take food off the table for hard-working middle-class families.”
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