Oklahoma banks could be blacklisted by state
(KTEN) — Some of the best known names in banking and finance — including Bank of America, Wells Fargo and J.P. Morgan Chase — could soon be restricted from doing business with the State of Oklahoma.
A law passed last year — the Energy Discrimination Elimination Act — mandates the State Treasurer to examine the investment policies of banks. Financial institutions that boycott oil and gas producers will get the cold shoulder from the Sooner State.
Gov. Kevin Stitt thanked State Treasurer Todd Russ for following through on enforcing the law.
"The State of Oklahoma will not do business with financial firms who boycott oil and gas companies," Stitt said in a tweet.
Russ based his decision on a questionnaire he sent to banks that included questions about boycotts, but there's been some backlash from both the public and the organizations currently on the list.
According to several news sources, some blacklisted companies maintain that they have invested in energy companies.
And some members of the public are concerned that government blacklists could drive companies out of state.
According to the Restricted Financial Company list that Russ released, companies listed have 90 days to cease any kind of boycotting activities in order to continue any business relationship with the State of Oklahoma.
Those companies include:
- Blackrock, Inc
- Wells Fargo & Co.
- JPMorgan Chase & Co.
- Bank of America N.A.
- State Street Corp.
- Gosvenor Cap Management
- Lexington Partners
- FirstMark Fund Partners
- Tourchstone VC Global Partners
- WCM Investment Management
- William Blair
- Climate First Bank