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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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Virginia bill targets vape shops that sell to underage buyers – WTOP News

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Virginia bill targets vape shops that sell to underage buyers – WTOP News


Vape shops in Virginia that sell tobacco products to underage buyers could soon face real consequences after years in a legal gray area.

March 27, 2026 | Del. Patrick Hope speaks to WTOP’s Nick Ianelli on new legislation that would shut down vape shops that repeatedly sell products to underage buyers.

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Vape shops in Virginia that sell tobacco products to underage buyers could soon face real consequences after years in a legal gray area.

Del. Patrick Hope of Northern Virginia told WTOP he hears from parents often that their children know which vape shops will sell to them — even though the law prohibits the sale of tobacco or vape products to anyone under 21.

“I’ve heard from parents and I know we’ve seen the proliferation of these vape shops. These liquid nicotine products have flooded our markets in recent years and there hasn’t been sufficient oversight or regulatory measures in place. And oftentimes these products are making their way in the hands of underage buyers,” Hope said.

A new bill passed by the General Assembly would set up an enforcement system targeting vape shops that repeatedly sell to people under 21. Hope said that if those shops continue to break the law, the state will shut them down.

Hope said a major problem has been a lack of information. “We just haven’t known who they are. Last year, we passed a law that required these vape shops to register with the Department of Tax, and only 52 actually sent in their registration.”

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“We believe that there are close to 10,000 vape shops in the state and we want to make sure that we pull them under this regulatory scheme,” Hope added.

The bill directs the Virginia Alcoholic Beverage Control Authority, which already enforces alcohol sales laws, to hire inspectors for vape and tobacco shops. Once the bill is signed, Hope said he expects a quick rollout.

“Typically, bills in the General Assembly go into effect July of the year that they’re passed. We’ll have an educational program for a few months, but I would think that we would be operational probably by October. … I think they’ll be doing underage programs probably within the end of this year,” Hope said.

Hope said the legislation earned broad support in the Virginia General Assembly.

The bill now heads to Spanberger for her signature.

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Thursday, Fairfax County police said a major drug investigation targeted multiple vape shops, including a dozen Tobacco King vape shops, that are accused of selling illegal items, ranging from drugs to synthetic urine, and laundering money.

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State of Virginia takes new focus on clean energy

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State of Virginia takes new focus on clean energy


In light of Virginia Gov. Abigail Spanberger’s new cabinet nomination of Chief Energy Officer Josephus Allmond, 7News sits down with Senior Fellow of Thomas Jefferson Institute for Public Policy, Steve Haner, to explain how new energy policies will be impacting Virginians.

Haner spoke on the new direction Spanberger is taking by appointing Allmond and what it will mean for the Virginia Clean Economy Act, signed in 2020. Haner also expounds on how the administration is opposed to the use of natural gas and coal, and will be pushing for more wind and solar energy.



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How much to become Cinderella? Virginia’s March Madness run fueled in part by Reddit co-founder gift

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How much to become Cinderella? Virginia’s March Madness run fueled in part by Reddit co-founder gift


Fairy tales aren’t real. But if they were, then No. 10 seed Virginia might be the closest thing the women’s NCAA Tournament has to a Cinderella. Playing the role of fairy godmother in this story would be Reddit co-founder, multimillionaire and 2005 Virginia alum Alexis Ohanian.

The Hoos have been the biggest surprise of the postseason — the first team to advance from the play-in round to the Sweet 16, and the only team left standing that was truly a bubble team on Selection Sunday. And yet, here they are, still dancing — with a matchup against No. 3 seed TCU on Saturday — and the prime example of what it looks like to build a program, and build quickly no less, during the NIL era.

Last season, Virginia was on the outside looking in during March Madness, its seventh year in a row without an NCAA Tournament bid. Coach Amaka Agugua-Hamilton was in her third year and slowly rebuilding the program after taking over a five-win program. The Hoos finished 2024-25 with a winning record for the first time in seven years, so there were signs of life, and athletic director Carla Williams was confident in the program’s direction. But in a college sports landscape where college football rules all — and with a Cavaliers football program in the middle of a rebuild as well (the Hoos won their first bowl game since 2018 this past season) — there’s only so much money to go around. Outside investment is key.

In today’s age, programs need catalysts — preferably one with many zeroes at the end. For Virginia women’s basketball, that was Ohanian, who poured lighter fluid all over this program in late 2024 with a “transformational” multiyear gift — per Sportico, it was more than three-quarters of a million dollars every year over the next four years — to the women’s basketball program intended to help “boost recruiting and retention.”

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“It’s time to bring the nation’s best hoops talent to Charlottesville and win some championships in the next four years,” Ohanian said in a statement released by the university after his donation.

Money plays a bigger part than ever in the equation of winning in college sports. Either through revenue sharing or name, image and likeness deals, top talent gets top dollar. With a transfer portal that allows for immediate movement, there’s always another program that might offer more, and that’s not always the driver for player movement, but money is now a necessary factor in college sports.

Last season, in one of the most active transfer portal seasons yet, Virginia retained two of its top three players, Kymora Johnson and Paris Clark, while bringing in four players from the transfer portal who’ve become the top six players in the Hoos’ rotation this season.

“With Alexis, we were just so thankful for him coming in last year and helping us with some of our resources,” Agugua-Hamilton said. “It allowed us to recruit — allowed us to retain and attain. You need that, in this day and age, with the way collegiate athletics is moving. You have to have donors, you have to have support, you have to have financial resources in order to compete.”

Through this season, even with the financial resources boosting the Cavaliers, the benefits weren’t immediately translating onto the floor, ping-ponging between highs and lows before ending the season with a three-game skid.

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Agugua-Hamilton knew progress would be slow. She had taken the UVA job ahead of the 2022-23 season after leading Missouri State to consecutive NCAA Tournaments, including the 2021 Sweet 16.

Many in her circle advised against the job. But Agugua-Hamilton, a Virginia native who grew up during the program’s heyday of Debbie Ryan’s mid-1990s stretch of deep tournament runs — believed in the program’s foundation. Virginia’s athletic director’s background as a college player and coach, as well as its affiliation in the ACC, were other selling points.

But her memories of Dawn Staley carrying the Hoos to Final Fours? Those were ancient history.

“Obviously, I knew it was a rebuild, and I was up for that task,” Agugua-Hamilton said. “I had to rebuild the culture, the players. I had to rebuild the community. There was not a fan base at that point. … We had to rebuild the resources, which we’re still doing. All of that stuff. We were so behind.

“But I never regretted my decision.”

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The uphill battle got steeper as collegiate athletics went from collectives dominating NIL to the NCAA attempting to legislate to Congress’ involvement. Money wasn’t exactly pouring into Virginia women’s basketball’s slow rebuild.

Ryan, who now works in Virginia Athletics fundraising, knew money would be a part of the challenge.

“People aren’t used to giving money to women’s basketball, so a lot of them just don’t,” Ryan said.

Revenue sharing became the law of the land ahead of last season with donor money becoming a secondary source for roster building.

Ohanian had wanted to donate before, he has said, but the university wanted to wait for legislation to pass.

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“As soon as that switch was flipped, and the judges ruled, I called up, I said, ‘Hey, I want to make UVA a contender, let me know what to do,’” he told Front Office Sports.

Virginia coach Amaka Agugua-Hamilton said Alexis Ohanian’s donation has been a game-changer for the program. (Courtesy of UVA Athletics)

After the Hoos’ home opener last season, Ohanian visited the locker room and told the team he planned to invest in them.

“I was just super grateful,” Agugua-Hamilton said. “He didn’t even know me before that. And he’s putting his belief in me to lead this program and also the players that we can recruit. He really believes in his school. He really believes in women’s basketball. So, I just felt honored that he felt that way.”

It wasn’t Ohanian’s first foray into women’s sports investment. He was the lead investor in Angel City FC and he’s a minority owner of Chelsea Women. He launched Athlos, an all-women pro track series and is bringing League One Volleyball to Los Angeles. He’s married to tennis legend Serena Williams, who, he said, actually tried to talk him out of investing in women’s sports because she had seen how broken the industry had been and didn’t think it could change.

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“For decades, people have said to support women’s sports for society, for feminism,” Ohanian said in a recent Sports Illustrated Q&A. “But when you win with capitalism, you just drop the mic.”

Ohanian has been vocal about how these investments are smart financial moves, but his investment in Virginia women’s hoops signals a shift. There is no return on investment for a college basketball team that can be measured in a bottom line on a financial ledger. And Virginia women’s basketball isn’t going to appreciate in the same way professional women’s sports franchises have boomed in recent years.

So, Ohanian’s Virginia investment might not be a win for capitalism. But it’s a win for UVA women’s hoops. It’s not unlike how billionaire Mark Cuban helped transform Indiana football from Big Ten mediocrity into national champs. The Hoosiers committed to the right coach and put up the foundation first, but Cuban’s money helped secure and retain a roster that made Indiana elite. And then, the national title came.

Could that be the next step for Virginia? The Hoos are still dancing, and if they get past TCU on Saturday, they’ll have a date in the Elite Eight, most likely against South Carolina. Staley, who is one of four players who has her jersey retired at Virginia, built South Carolina into a national power during the pre-NIL era but has continued the program’s dominance, and as Agugua-Hamilton and Virginia chase those top-tier programs, they know they have all the pieces in place to do so, including crucially, the financial part.

“There are a lot of factors — having great coaching, coaches that care about the student-athletes and that the student-athletes want to play hard for, along with the resources to build the roster, those things are really important,” Carla Williams said. “Knowing that coach (Tony) Bennett and our men’s program won a national championship in 2019 pre-NIL, knowing that you can do that here at UVA, and understanding that committing to the rev share, committing to NIL, gives our basketball program a chance to compete at the highest level.”

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The Hoos have been given the chance to compete at the highest level. Now, they must prove they can turn that into their own ROI.



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