[MSN] 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.
"The radical climate change movement has been waging an all-out war against American energy for years, and the last thing Americans need right now are corporate activists helping the left bankrupt our fossil fuel industry," Paxton said in a statement.
None of the six banks nor the attorney general’s office responded to a request for comment.
Texas is the top state in the U.S. for energy production, with oil and gas companies employing some 290,000 workers.
But the banks targeted by Paxton also are among the state’s largest employers. Texas is the second biggest employment base outside New York for both Bank of America and JPMorgan. Also, Wells Fargo and Goldman Sachs recently announced North Texas projects involving thousands of workers.
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"The Net-Zero Banking Alliance is a massive worldwide agreement by major banking institutions, overseen by the U.N., to starve companies engaged in fossil fuel-related activities of credit on national and international markets. Missouri farmers, oil leasing companies, and other businesses that are vital to Missouri’s and America’s economy will be unable to get a loan because of this alliance," said Missouri Attorney General Eric Schmitt. "We are leading a coalition investigating banks for ceding authority to the U.N., which will only result in the killing of American companies that don’t subscribe to the woke, climate agenda. These banks are accountable to American laws — we don’t let international bodies set the standards for our businesses."
Missouri, Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, Tennessee, Texas, and Virginia have joined the investigation into the six banks. Five additional states can’t be named due to state laws or regulations regarding confidentiality.