Wonder why several important banks collapsed in recent weeks? The left will make excuses, pointing to inflation (which is Biden’s fault) and other global factors. But beyond just Biden’s overall failures on the economy, he has taken steps to ensure banks will fail, regardless of inflation.
Biden is trying to force banks into investing–not in successful companies–but in companies with “woke” values and ideologies. He is forcing banks to bankroll the progressive left, ensuring every last bank will collapse eventually. But twenty-one states said “Enough” and are going straight to the root of this crisis.
From Fox News:
A coalition of 21 state attorneys general sent a stark warning to dozens of financial institutions and asset managers, warning them against pursuing woke environmental and social initiatives.
In a letter sent Thursday to 53 of the nation’s largest financial institutions, which collectively manage trillions of dollars worth of assets, the attorneys general threatened to take legal action if the firms veer from the best interests of their clients while pushing social priorities.
Woah. A group of 21 state attorneys general warned the largest banks in America to “stay in their lane.” They warned these banks–which handle most of our wealth–not to pursue woke investments. Or, these states will take them to court.
This group is being led by Montana, Utah, and Louisiana. Can state AGs actually do this? They can. These states can take banks to court. If they can prove these banks weren’t acting in their customers’ best interests, they can sue them. And if banks are throwing your money at “woke” companies, because of their wokeness, instead of companies with proven ROIs, then they do have a case.
This should put the fear of God into those banks. Biden might pressure banks to put money into companies that champion transgender “rights,” the Green New Deal, and other radical progressive goals. But states have the power to hammer these banks, should they harm customers.
Banks will have to think twice before bending the knee to the radical left. Americans have defenders against the woke agenda, which seeks to destroy capitalism and our future.
- Twenty-one state AGs warned major banks not to invest in “woke” companies.
- This comes as Biden is forcing banks to throw investment money into progressive causes.
- If banks do this, states can sue, punishing them for neglecting customers’ interests.
Source: Fox News