West Virginia Treasurer slams banks for refusing to back coal

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West Virginia Treasurer slams banks for refusing to back coal

West Virginia Treasurer Riley Moore criticized financial firms for refusing to back coal companies on Fox News Channel's Fox Friends Monday, defending his efforts against top institutions such as Wells Fargo, Goldman Sachs, Morgan Stanley, J.P. Morgan and BlackRock for refusing to grant them new banking contracts.

He said they have outright prohibitions on lending to the fossil fuel industry, putting emphasis on thermal coal.

Thermal coal is important for West Virginia, but it is also important for the country, he said.

Moore cited this push as the catalyst for the war on coal that occurred during the Obama administration, when thousands of West Virginians lost their jobs as a result of this push, as well as by top officials' push for green energy.

This is the latest iteration of the war on coal. They're taking this on with a religious, zealous attempt to move away from the fossil fuel industry, he said.

Moore noted the need for coal power, which could be used to heat and cool homes and power vehicles.

If they're going to continue to boycott us, then we're not going to do business with them. Morgan Stanley and Goldman Sachs walked back their alleged fault in the controversy, while Wells Fargo, Goldman, and BlackRock did not respond to Fox News' request for comment.

Morgan Stanley does not boycott fossil fuel companies. Brian Kilmeade, Fox News spokesman Brian Kilmeade, said the company remains committed to our clients and employees in West Virginia.

Kilmeade said J.P. Morgan responded as well, saying, This decision is short-sighted and disconnected from the facts. Our business practices are not in conflict with the anti-free market law. Moore pushed back against their claims.

They are the main distortion in the market. Moore said that the free market is free and that we're doing it because of what we're doing. We want banks to make decisions based on risk and capital, not on some leftist political ideology, because they just want to make loans based on that.