Oklahoma is taking action Wednesday to ban 13 major financial institutions from doing business in the state after a review determined the banks engaged in energy boycotts.
Oklahoma state Treasurer Todd Russ plans to announce sweeping measures Wednesday morning that represent the most aggressive action any state has taken against banks that comply with so-called environmental, social and governance (ESG) initiatives. The move ultimately prevents banks from managing billions of dollars in Oklahoma pensions, investments and other state entities.
“The energy sector is vital to Oklahoma’s economy, providing jobs for our residents and helping to drive economic growth,” Russ said in a statement. “It is essential for us to work with financial institutions that are focused on free-market principles and are not bound by social goals that override their fiduciary duties.”
