Model legislation targets banks that divest from fossil fuel companies

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Model legislation targets banks that divest from fossil fuel companies.

At least a dozen similar bills to the Texas law were filed in 2021 legislative sessions in a handful of states, according to the Texas Tribune, and experts anticipate the trend will grow in 2022.

"Oil and gas is the lifeblood of the Texas economy," Texas state Rep. Phil King said during a floor discussion of the state's bill in May, according to the"In the world of capital, there's a movement to deny funds to businesses that will not sign on to extreme anti-fossil fuel policy." ALEC, which drafts and streamlines legislative priorities for lawmakers in statehouses across the country, approved model legislation similar to the Texas law -- called the Energy Discrimination Elimination Act -- at its December meeting.

Modeled after anti-BDS legislation supported by ALEC that passed in Texas in 2019, the fossil fuel bill is touted as sending"a strong message that the states will fight back against woke capitalism," the executive wrote in the email. The controversial Boycott, Divestment, Sanctions movement uses financial pressure to"end international support for Israel's oppression of Palestinians.

ALEC's Task Force on Energy, Environment and Agriculture voted unanimously in support of the fossil fuel bill language, according to news reports, but it

 

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Once again the party of limited government telling private companies what to do, good socialist mindset.

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