Institutions’ boycott of reliable energy sources hurts economy
Nov. 22, 2021 (Little Rock, Ark.) – Treasurer of State Dennis Milligan pushed back against United States financial institutions today by joining with other state treasurers in authoring letters to their Congressional delegation and the banking industry against banks that are refusing to provide loans to companies providing natural energy sources.
“The reality is that many Arkansans get their livelihood from one of these reliable energy industries, and the fact that American banks are putting politics over common sense is once again threatening to disrupt one of the most important industries in this country,” Milligan said. “Banks should be doing what they have always done – loaning to companies based upon risk assessments and credit history – instead of cherry-picking their clientele based upon politics.”
The letter, joined by 16 state treasurers, auditors and comptrollers from around the country, calls on members of Congress to resist pressure from the Biden Administration and not allow the free market to “be manipulated to advance social agendas.”
“We simply want financial institutions to assess fossil fuel businesses as other legal businesses – without prejudice or preference,” the letter states in part. “It is our sincere hope that no financial institution will be rendered ineligible to provide banking services to our states based on the concerns described herein.”
To read the letter in full, please visit www.artreasury.gov/letter.
Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $5 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $442 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.