Monday, December 5

Tag: AB – Policy & Regulation

Climate politics at heart of state probes into big banks
Politics

Climate politics at heart of state probes into big banks

A cadre of state attorneys general have launched probes into the environmental, social and governance policies of the country's large banks, giving rise to concerns about state regulatory regimes ultimately being divided along red and blue political lines.Led by Missouri Attorney General Eric Schmitt, 19 mostly Republican-controlled states said last week they're investigating the ESG practices of Bank of America, JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley and Wells Fargo.The move is seen by banks and outside advocacy groups — even some that have been critical of the financial industry for not doing enough to reduce its carbon footprint — as an effort by government officials to block certain banks from certain activities for political reasons."Fundamentally, it's an intimidati...