Wednesday, May 26, 2021

McRae Challenges Kerry on Bank Bullying

 Mississippi State Treasurer David McRae issued the following statement.

 State Treasurer David McRae joined financial officers from 15 states on a letter condemning the Biden administration's attempts to pressure banks and other large financial institutions into divesting from coal, oil, and natural gas companies. The letter comes in the wake of reports that Special Presidential Envoy for Climate John Kerry has privately pressured banks to cut off lending for fossil fuel industries.

"As a collective, we strongly oppose command-and-control economic policies that attempt to bend the free market to the political will of government officials," the Treasurers wrote. "It is simply antithetical to our nation's position as a democracy and a capitalist economy for the Executive Branch to bully corporations into curtailing legal activities."

Cutting off lending to these industries, which are engaged in perfectly legal activities, would do substantial harm to Mississippi's economy and could result in significant job losses. In their letter, the Treasurers committed themselves to closely monitoring which financial institutions bow to the Biden administration's pressure campaign.

"As the chief financial officers of our respective states, we entrust banks and financial institutions with billions of our taxpayers' dollars," they wrote. "It is only logical that we will give significant weight to the fact that an institution engaged in tactics that will harm the people whose money they are handling before entering into or extending any contract."


Kingfish note: The combined portfolios are approximately $600 billion.  


Anonymous said...

Closer every day. Purchase whatever ammunition you can get your hands on ASAP.

Anonymous said...

Atlas Shrugged.

Anonymous said...

Holy shit that's brave!

Anonymous said...

"It is simply antithetical to our nation's position as a democracy and a capitalist economy for the Executive Branch to bully corporations into curtailing legal activities."

That's fucking rich. The last President spent 4 years trying to get private industry to do what he wanted when it suited him. See: Twitter, Facebook, Goodyear Tires, Harley Davidson, Rexnord, Carrier, GM, Ford Motor Company, Boeing, every media company, and many, many more.

I missed the David McRae letters over that bullshit.

Anonymous said...

Is there any precedent for these types of actions from our federal government? You know, I have to admit I've sort of shunned the notion that we may one day have to act against the feds (and I don't mean just talking ugly to them), but every time one of these new "measures" is revealed, I begin to think it's not implausible that serious action could be a possibility.

I never thought losing our democracy was a real possibility, not from the inside, anyway. I've seen the pendulum swing back and forth MANY times in my life. However, unfortunately this swing seems to be quite different. There's something fundamentally different going on, and our first line of protection - the Republicans in Washington - better damn well get off their asses and realize it's not only the possibility of being taken off the cool democrat party lists that could happen. It can and will be losing their jobs......or worse!

Anonymous said...

Wonder if McRae thinks the US and State governments should stop providing subsidies to the oil industry as well?

Anonymous said...

@4:01 PM
Closer to what? You going save your ammo and keep waiting for yet another Q Anon revelation? Going to wait until they drag 45 out of 1600 Pennsylvania Ave?

Maybe you are going to wait for the fuel supply to get cut off or for the shelves to be bare of food? You are going to die waiting in a hospital bed while an adult DACA is your nurse at UMMC.

You people are both impotent and pathetic.

Anonymous said...

John Kerry s--t his pants when he received this letter.

Anonymous said...

For the life of me, I do not understand what that ketchup heiress saw in Lurch.

Anonymous said...

Doesn't Kerry have something better to do, like delivery more money to Iran?

Anonymous said...

Thank you Treasurer McRea - at least you and your fellow treasurers are calling Kerry (and the administration) out on this ridiculous overreach of the federal government's power to enact a political policy.

Now that Biden has sent a few billion to your office to place with banks, I'm sure that they would rather listen to you and your fellow treasurers on a local basis than to put up with this crap.

Now that y'all have gone on record - let us know if any of the state's money had to be moved from a particular institution due to their following Heinz-Kerry's directives so we can make similar, although much less significant, actions.

Anonymous said...

Banks will be the next Facebook, being ordered to cancel customers. Buy Bitcoin

Anonymous said...

Who is John Galt?

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

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Note: Security provided by INS.

Trollfest '07

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There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS