Barrasso has harsh words for bank policy
Wyoming Senator John Barrasso says he is disappointed the San Francisco-based Bank of the West has announced it will no longer conduct business with companies engaged in the exploration and production of coal, oil and natural gas. Bank of the West has 23 branches in Wyoming.
On its company blog the bank explained, “There’s no slower word in the English language than “progress.” We need change now — not incremental change for the distant future. By making tough but necessary choices about what we fund (and what we no longer fund) we are accelerating important transitions in energy, employment equality and social programs that have a positive impact. We’re anti-waiting, pro action, and that’s how real change happens.”
The bank said it would not do business with companies whose main activity is oil and gas from shale or tar sand, Arctic gas exploration, and coal mines that do not also promote energy transition. The policy also includes companies that produce tobacco products.
In a letter to Bank President and CEO Nandita Bakshi, Barrasso condemned the bank’s “attack” on Wyoming communities and businesses that depend on fossil fuels for energy security, jobs, and economic growth.
“There is no discernible reason the Bank of West cannot strive to increase small business lending, promote environmental stewardship, and support entrepreneurs without vilifying an industry that contributes so much to communities across Wyoming and the country,” said Barrasso.
