Arizona, Texas join multi-state probe
into big banks over net-zero pledge
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[October 20, 2022]
(Reuters) - A group of U.S. state
attorneys general including from Arizona and Texas have sent civil
investigative demands to the country's six biggest banks, alleging their
environmental, social, and governance-related (ESG) practices hurt the
American energy industry.
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A combination file photo shows Wells Fargo,
Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan,
and Goldman Sachs from Reuters archive. REUTERS/File Photos |
Republican-led states have ramped up attacks on what they view
as a woke bias at financial companies. Asset manager BlackRock
Inc and investment research firm Morningstar Inc have also been
targeted in recent months.
The attorneys general are seeking documents from the banks about
their involvement with the United Nations' Net-Zero Banking
Alliance (NZBA), according to their statements on Wednesday.
The NZBA is a group of banks "committed to aligning their
lending and investment portfolios with net-zero emissions by
2050," according to the U.N. website.
The investigation is targeting JPMorgan Chase & Co, Goldman
Sachs Group Inc, Bank of America Corp, Citigroup Inc, Wells
Fargo & Co and Morgan Stanley.
"American banks should never put political agendas ahead of the
secure retirement of their clients," Arizona AG Mark Brnovich
said in a statement.
"The last thing Americans need right now are corporate activists
helping the left bankrupt our fossil fuel industry," Texas AG
Ken Paxton said, adding that the banks practices potentially
violate consumer protection laws.
JPMorgan declined to comment, while the other five banks did not
immediately respond to requests for comment.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh
Kuber)
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