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West Virginia treasurer warns new banks of ESG-based blacklisting

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West Virginia treasurer warns new banks of ESG-based blacklisting


West Virginia State Treasurer Riley Moore warned six more financial institutions that they may be placed on the state’s “Restricted Financial Institution List” if they are found to be “boycotting” the fossil fuels industry.

The blacklist is authorized in a 2022 state law authorizing the State Treasury to restrict financial institutions that “have publicly stated they will refuse, terminate or limit doing business with coal, oil or natural gas companies” without a reasonable business purpose.

The treasurer can disqualify a restricted financial institution from the competitive bidding process or from any other official selection process; refuse to enter into a banking contract with a restricted financial institution based on its restricted status; and require an agreement by the financial institution not to engage in boycott of energy companies for the duration of the contract.

“We must remain vigilant to ensure we do not entrust state funds to banks that are engaged in coordinated political efforts to destroy our state’s critical industries,” says West Virginia State Treasurer Riley Moore.

West Virginia State Treasury

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The Treasurer’s Office has made an initial determination that the six institutions appear to be engaged in boycotts of fossil fuel companies as defined under state law. The determination was based on a review of each institution’s environmental, social and governance policies and other available statements, Moore said in a statement.

The financial institutions, which were not named by Moore, received notices of potential inclusion on the list last Friday.

However, the Washington Times reported that according to notices it obtained through a public records request, the institutions include Citibank, TD Bank, BMO Bank, Fifth Third Bank, Northern Trust and HSBC Holdings.

The institutions now have 30 days to submit a response. Unless the firms show to the treasurer’s office they are not engaged in a boycott of fossil fuel companies they will officially be placed on the list in 45 days.

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One of the firms listed by the Times, HSBC, told the Washington Times it rejected the assertion it is a fossil-fuel “boycotter.”

The restrictions don’t apply to municipal bond issuances by the state because the Treasurer’s Office does not handle bond issuances. They mainly apply to the banking and cash handling functions of the office, which see about $20 billion in inflows and outflows a year. It also does not apply to state pension funds.

Under the 2022 law, the treasurer may exclude banks on the list from eligibility for contracts for state banking services.

It follows a many GOP-run states have copied in a coordinated effort to put state limits on private corporations’ freedom to make investment decisions.

The first West Virginia list was published in July 2022 when Moore determined five financial institutions were engaged in boycotts as defined by state law. The five firms were BlackRock Inc., Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Morgan Stanley and Wells Fargo & Co. No updates have been made since then.

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Moore says the blacklist protects the traditional extraction industries of West Virginia.

The natural resources industry represents about 3% of West Virginia jobs, according to the West Virginia University’s most recent , in a state where overall employment lags 2005 numbers, and the population between 2010 and 2020.

“While the environmental, social and governance or ESG movement might be politically popular in California or in New York, financial institutions need to understand their practices are hurting people across West Virginia,” Moore said at the time.

Last week, Moore praised JPMorgan Asset Management and State Street Global Advisors for their choice to withdraw from Climate Action 100+, an investor-led initiative that aims to make large corporate greenhouse gas emitters take action on climate change.

“This is a step in the right direction and significant victory in our states’ fight against the international corporate collusion targeting the coal, oil and natural gas industries,” Moore said.

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In January, Moore applauded the New York Stock Exchange’s decision to curtail the decision making freedom of private sector investors by withdrawing its proposal filed to Securities and Exchange Commission that would have allowed the public listing of Natural Asset Companies, climate-focused corporations designed to convert natural assets into financial capital by taking over land owned by private entities and individuals and the federal, state and local government.

Under the NYSE proposal, NACs would have had “the authority to manage the areas for conservation, restoration or sustainable management” and are prohibited from engaging in fossil fuel-related developments.”

In December, Moore blasted President Joe Biden’s ESG policies after his special climate envoy John Kerry pledged at the 28th United Nations Climate Change Conference that the U.S. would begin a phase-out of all existing coal-based power plants and urged that coal use be eliminated worldwide. Moore urged Congress to use its authority to block the agreements made at the summit.

“West Virginia and our coalition of states have been fighting for years against these efforts to boycott and curtail capital to our critical energy industries and diminish important economic activity and revenue for our states. This is a sign our efforts are making an impact,” Moore said Monday.

Last month, South Carolina Gov. Henry McMaster signed the ESG Pension Protection Act — which requires the state pension fund’s decisions be based on maximizing returns — in a ceremony at the governor’s office.

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The bill, H.3690, went into effect on Feb. 9.

It directs that all investment decisions made by the South Carolina Retirement System Investment Commission be based solely on maximizing the highest rate of return and not on ESG factors.

Anti-ESG bills have made a comeback in Arizona and Oklahoma while Texas continued to cull underwriters from its municipal bond syndicate groups.

Other Republican-run states have followed Texas’ lead and enacted laws that have led to underwriter bans. Last year, the Oklahoma Treasurer’s Office produced a list of fossil fuel boycotters.

In Missouri, a trial over the state’s first-of-their-kind ESG investment rules will go ahead after a federal judge rejected the state’s motion to dismiss.

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Leaders in GOP states have also battled what they like to call “woke culture” in other areas as well. Wokeness, according to court testimony by an official in anti-ESG leader Florida Gov. Ron DeSantis’ administration, is defined as “the belief there are systemic injustices in American society and the need to address them,” and has become a GOP shorthand attack on liberals and liberal policies.

Last year, DeSantis signed a bill that restructured and renamed the Reedy Creek Improvement District the Central Florida Tourism Oversight District, which ended the governance of the special district by Walt Disney Co.

The Florida Legislature approved a bill in 2022 to dissolve all independent special districts created before 1968. The bill’s authors and DeSantis made it clear it was intended to punish Disney, which had voiced strong political opposition on behalf of its employees to the state’s Parental Rights in Education Act, which critics called the “Don’t Say Gay” bill. The law bans public school instruction about sexual orientation or gender identity for children through the third grade.

Last week, DeSantis unveiled a report about the former Reedy Creek district, commissioned in the newly restructured district.

“The district’s recent audit report justified our shared concerns: Disney was acting as a law unto itself,” DeSantis said. “Since our reforms, the new district has taken bold action to increase transparency, community engagement, and fiscal responsibility, and has saved taxpayers $18.4 million.”

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The CFTOD has implemented safety inspections by the Florida Department of Transportation, he said, for the Disney monorail system, saying it had lacked FDOT oversight before.



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Senate approves lawmaker pay raise as teacher pay hike stalls in Virginia budget talks

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Senate approves lawmaker pay raise as teacher pay hike stalls in Virginia budget talks


As the legislative session in Richmond comes closer to an end, lawmakers are still hard at work hammering out the budget for the year ahead. This year, the Senate has approved a pay raise for lawmakers after tabling bills that would have provided larger pay increases for teachers.

With the cost of living rising, teachers across Virginia have been watching the proposed budget closely and hoping for higher pay.

In February, a bill that would have raised teacher salaries by 4.5% each year until reaching the national average of $77,000 was tabled until next year. The decision left some educators disappointed.

“It’s definitely disappointing. We’re at a time where we are struggling to keep highly qualified staff in the buildings and in the profession, to be quite honest, because we have to compete with other industries,” Karl Loos, president of the Lynchburg Education Association, said.

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SEE ALSO: ‘Strangest election cycle:’ Registrars prepare for referendum vote despite legal limbo

There is still a 3% increase for teachers included in the proposed Senate budget, and a 2% increase in the House of Delegates’ proposed budget. But Loos said a 3% raise only matches the rate of inflation, and will likely not be appealing enough to fill vacant positions.

“I think certainly teacher pay is a deterrent for a lot of people, especially as they see the amount of work that goes into it and the compensation for that work,” Loos said.

The Virginia Education Association also advocated for the 4.5% pay increase. Chad Stewart, the interim director of Government Relations and Research, said they believe budget uncertainty may have made lawmakers hesitant to commit to long-term increases they might not be able to sustain.

According to the State Fiscal Impact Statement, seen below, it would have required an additional $159.0 million in 2027, and increasing amounts for the next couple of years to meet the goal of reaching the national average.

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“We’ve seen commitments going back decades from previous governors who have all stated they want to get the national teacher pay average, but no governor has ever delivered on it,” Stewart said.

Stewart said the average national pay for teachers they are hoping to meet is $77,000, and that the current average salary for teachers in the Commonwealth is around $70,000. He said ultimately it comes down to the budget, and he hopes in the following years teachers will receive that larger pay increase. Stewart said the organization hopes Gov. Spanberger will be the first to follow through on that promise.

Meanwhile, legislation that would increase pay for state lawmakers was passed in the Senate on Thursday. Republican Del. Tim Griffin of the 53rd District said he voted against the measure.

“I was outraged last week when they raised their own pay. I voted against it,” Griffin said. “When you run on affordability, I think people expected it to be more affordable for the people that live and work in Virginia, not for ourselves. It kind of defeats the purpose.”

When asked about the proposed pay increases in the House and the Senate, Campbell County Superintendent Clay Stanley said in a statement, “I am praying for 3%. Our teachers, at minimum, deserve a raise that matches the cost of living increase.”

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ABC13 reached out to local Democratic lawmakers for comment on the teacher pay raise legislation, but did not receive a response.



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Why a 6-year-old with diabetes is pushing for change in Virginia – WTOP News

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Why a 6-year-old with diabetes is pushing for change in Virginia – WTOP News


First grader Ruston Revell is pressing Virginia lawmakers to pass a bill that he argues will make schools safer for kids with diabetes.

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Why a 6-year-old with diabetes is pushing for change in Virginia

Speaking in front of Virginia lawmakers, 6-year-old Ruston Revell needs a wooden stool to reach the microphone for his testimony about diabetes.

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Dressed in his blue suit and red tie, he’s there on a mission.

“Living with diabetes isn’t easy, there are lots of ups and downs — just like my blood sugar,” Ruston told legislators in the Virginia General Assembly.

The legislation that brought Ruston from Prince William County to Richmond would update an existing law to specify how Virginia schools handle accommodations for students with diabetes.

“When I’m at school, my nurse and all my teachers help me when I need it, but not all kids like me are that lucky,” Ruston told WTOP. “These bills change that, so kids with diabetes can be safer in schools.”

He’s testified before committees in both chambers as corresponding bills move through the Virginia General Assembly. HB1301 and SB122 have both earned support in their respective chamber.

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“Although, I’m small, my voice is big and it can change the world,” Ruston said.

In his testimony, the first grader clearly explained the care he requires to manage his Type 1 diabetes during the school day.

“He just pops up on his little stool and takes control of the room,” said Kelly Revell, Ruston’s mom. “It’s usually a little quiet, and after he finishes, he gets a whole room full of applause.”

Today, Ruston enjoys playing baseball, swimming and spending time at the playground.

But things were different before his diagnosis five years ago.

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A life-changing diagnosis at 15 months old

During the summer of 2020, Kelly said her son started showing signs of diabetes, such as extreme thirst — symptoms she recognized because her father had been diagnosed in his 20s.

“He would just lounge around the house and have no interest in playing with his sister,” Kelly said. “He stopped eating, so he was eventually airlifted to Children’s National in D.C., where he was admitted to the pediatric ICU for nearly a week.”

At just 15 months old, Ruston was diagnosed with Type 1 diabetes. Kelly said that news was life-changing.

“Now, in order to keep him alive, we have to hurt him multiple times a day, by giving him four to five shots and even a dozen finger pricks just to make sure his blood sugar is in range,” she recalled.

Type 1 diabetes is an autoimmune disease where the body attacks cells that make insulin. A lack of insulin can lead to high blood sugar, which could cause serious health issues or be deadly.

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“We had to wake up at 2 a.m. every night for six weeks, before we started utilizing technology, just to make sure that he was safe and healthy with his blood sugar,” Kelly said. “A lot of times, it resulted in phone calls to the hospital because he was at a dangerous level, and then we would be up for hours making sure he was back in range.”

For the Revell family, managing Ruston’s diabetes looks different nowadays.

Ruston Revell, 6, has traveled from Prince William County to Richmond to testify in favor of a bill surrounding Virginia schools and students with diabetes.
(Courtesy Kelly Revell)

Courtesy Kelly Revell

Ruston stands alongside Virginia Sen. Jeremy McPike, who sponsored the bill in the upper chamber
Ruston stands alongside Virginia Sen. Jeremy McPike, who sponsored the bill in the upper chamber.
(Courtesy Kelly Revell)

Courtesy Kelly Revell

Ruston testifying in front of Virginia lawmakers
Ruston and other advocates say the bill would make schools safer for kids with diabetes.
(Courtesy Kelly Revell)

Courtesy Kelly Revell

Ruston and his mom Kelly (middle) have joined other advocates in Richmond to press legislators to pass the bill
Ruston and his mom Kelly (middle) have joined other advocates in Richmond to press legislators to pass the bill.
(Courtesy Kelly Revell)

Courtesy Kelly Revell

Ruston poses in Richmond
The statewide regulations on diabetes care in school haven’t been updated since 1999, Kelly said.
(Courtesy Kelly Revell)

Courtesy Kelly Revell

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How a 6-year-old handles his diabetes

Ruston knows how to prick his finger to check whether his blood sugar is in range.

“My mom and dad help me change my insulin pump every three days, and my CGM every 10 days,” Ruston said, referencing his continuous glucose monitor, known as a CGM.

“It hurts, but at least I don’t have to do shots. They’re the worst.”

Living with diabetes, Ruston needs to calculate the number of carbs he’s getting to determine his insulin dose, which is administered automatically through a pump.

“He is a pro at using a food scale,” Kelly said. “If he wants to eat anything, apple slices, we cut them up, and he puts them on the food scale and determines how many carbs are in that.”

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Halfway through his interview with WTOP, Ruston’s phone beeped, flagging his low blood sugar and triggering a quick juice-box break.

That’s the kind of intervention he could require at school.

“When I’m low, Nurse Barnes tells Ms. Grant for me to have a juice box or gummies,” Ruston said, describing a snack to correct his blood sugar.

At his current school, Kelly said Ruston has had all his medical accommodations met since his first day of kindergarten.

“He gets so many hugs. Everyone knows him. He walks into the front office every day to visit the clinic, and they just they really take care of him,” she said.

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Things were more complicated before Ruston began kindergarten. Kelly said the family was initially told that the accommodations requested by his doctor would not be allowed.

“What was most difficult at the time was the thought that a kindergartener would be responsible for alerting adults if his phone signaled a low or high blood sugar, rather than having trained staff receive those alerts directly through available technology,” she told WTOP.

The situation was resolved, but it drew Kelly’s attention toward legal protections for kids with diabetes.

What Kelly and Ruston are asking Virginia lawmakers to do

ruston stands at podium talking
Ruston told lawmakers about his experience managing diabetes during the school day. (Courtesy Kelly Revell)

For the past several years, Kelly has been involved with an advocacy group, FOLLOWT1Ds, which argues that unclear or inconsistent school policies can create stress for families and put kids in danger.

“Prince William County has updated their diabetes policies recently, so more students with diabetes across our county are better protected,” Kelly said. “But that’s not happening everywhere in Virginia.”

The bills moving through the Virginia legislature would require school systems to create a divisionwide plan for supporting students with diabetes.

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That would include making sure school staff are trained to follow through with a child’s medical orders.

“You really have to put in all of your trust in your school,” Kelly said. “This is a life-threatening disease, and if they forget to give him a juice box when he’s low, that can result in him going to the hospital, or it could be fatal.”

The legislation would also require schools have procedures for administering insulin and glucagon.

Families who have students with diabetes would send schools medical orders from their doctors that outline the child’s needs.

“A lot of times, the schools will either deny or modify these accommodations, even though they’re medically necessary,” Kelly said.

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The statewide regulations haven’t been updated since 1999, Kelly said.

“While we’ve had all of these technology advances, like the insulin pump and the CGM, Virginia still hasn’t advanced their laws to align with standard methods of care that we’re using today,” Kelly said.

Ruston doesn’t receive insulin shots anymore. But Virginia law is behind on that front, according to Kelly and other advocates.

“Right now, the policy in Virginia, if his pump were to fall off while at school, they would, instead of reinsert the pump, they would give him a shot,” Kelly said.

In that scenario, Kelly said the school employee would have to calculate how much insulin to dose.

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“I wouldn’t even know what to dose him, because with the pump, it’s automated nowadays,” she said. “It would require an immediate call to his doctor for guidance.”

She worries that it could lead to a miscalculation and health complications.

Kelly said the lack of consistency can impact older students, too. She said some high schoolers have gotten in trouble for having their cellphones at schools that ban the devices.

But those phones let students monitor their blood sugar, communicate medical treatments and administer insulin.

It’s the second year in a row that advocates like Kelly have asked legislators in Richmond to approve revisions to state law.

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This time, Ruston is joining the push for change by sharing his story with lawmakers.

“I want to make sure other kids in different schools can have more help with diabetes,” Ruston told WTOP.

Anyone interested in following the legislation or submitting a comment to lawmakers can find more information on FOLLOW T1Ds’ website.

Get breaking news and daily headlines delivered to your email inbox by signing up here.

© 2026 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

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Del. Dan Helmer on Virginia redistricting and congressional run

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Del. Dan Helmer on Virginia redistricting and congressional run


Virginia Delegate Dan Helmer led fellow Democrats to major gains in November’s election. Now he’s turning his attention to the redistricting of the Commonwealth, and a run in the newly proposed 7th district. He joins Sydney Persing on The Final 5 to discuss. 



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