Six U.S. Banks Investigated for Working With U.N. to Deny Credit to Fossil-Fuel-Involved Companies

Susan Jones | October 20, 2022 | 7:58am EDT
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(Photo by John Smith/VIEWpress)
(Photo by John Smith/VIEWpress)

(CNSNews.com) - Attorneys-general from 19 states are investigating six major American banks that have signed on to the United Nations' Net-Zero Banking Alliance, pledging to achieve net-zero emissions in their lending and investment portfolios by 2050.

The banks under investigation include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo, Missouri Attorney General Eric Schmitt announced.

“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, said 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, who is leading the probe.

“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,” he said in a news release announcing the "civil investigative demands," which act as a subpoena.

Schmitt also appeared on Fox News Wednesday night, telling Laura Ingraham that while achieving a carbon-neutral portfolio by 2050 "might sound good to coastal elites...for the rest of America, this stinks to high heaven and ought to scare the bejesus out of everyone."

"It means for credit worthy applicants who happen to be in the oil and grass industry or the coal industry or auto manufacturing industry or agriculture where they have diesel vehicles or cows, you know, the stench that everybody's complaining about that pollutes the world, I suppose, as they think -- it means that they're going to shut down lending and make everything more expensive. And that's a real problem.

"And, you know, this is nefarious. We've launched this investigation, we've now issued subpoenas, because what they are going to do is essentially shut down lending to credit worthy applicants because they don't check some box on a woke bingo card.

"And Laura, this is 40 percent of the banking assets in the United States. This is not small potatoes. I mean, these are the big financial institutions. We've launched this institution. There is a lot of legal issues at play, including anti-trust issues and unfair lending practices."

Schmitt said the "woke" banks will force companies to shift jobs to China.

"We've got all the energy we will ever need under our feet in the United States, and they will shift all of these jobs to China. China's not going to stop building coal-fired plants. They are building them at a record pace, that's not going to slow down."

Schmitt said the left has declared war on American energy, which makes for a difficult winter ahead:

"Here in the Midwest, in Missouri, people start turning that furnace on. Utility rates are going to be through the roof. And people are starting to see it. You are seeing blackouts in Europe, you're going to see this winter. T

"The idea of having rolling blackouts in the United States of America, the most powerful country in the history of the world is totally nuts. And it's self-inflicted, it's coming from the Biden administration. Now it's coming from these woke banks.

"And we need to stand up and we need to push back and say we're not going to do this anymore. which is why we launched this investigation, because the left is going to do what they could never get done legislatively, which is stuff like this."

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