Vote Smart's Synopsis:

Vote to pass a bill that prohibits state banking contracts with fossil-fuel divesting companies.

Highlights:

• Authorizes the state Treasurer of West Virginia to refuse to enter into a banking contract with a restricted financial institution based on their status of engaging in boycott of energy companies (Article 1, Sec. 12-1-15).

• Defines “banking contract” as a contract entered into by the Treasurer and a financial institution to provide goods and services to a spending unit (Article 1, Sec. 12-1-15)

• Authorizes the Treasurer to prepare and maintain a list of financial institutions that are engaged in boycott of energy companies and list them as restricted financial institutions (Article 1, Sec. 12-1-15).

• Defines “financial institution” as the following, including, but not limited to (Article 1, Sec. 12-1-15):

• Banks, national banking association, or non-bank financial institution;

• Bank and trust company, trust company, or a savings and loan association; or

• Mutual savings bank, credit union, or a savings bank.

• Defines “boycott of energy companies” as something that is without an ordinary business purpose such as refusal to deal with a company, termination or business activities with a company, or other action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because they (Article 1, Sec. 12-1-15):

• Engage in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy;

• Engage in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; and

• Does business with a company that engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy.

• Authorizes the Treasurer to disqualify restricted financial institutions from the competitive bidding process or any other official selection process (Article 1, Sec. 12-1-15).

• Authorizes the Treasurer to require a financial institution not engage in a boycott of energy companies as a condition of their contract (Article 1, Sec. 12-1-15).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits state banking contracts with fossil-fuel divesting companies.

Highlights:

• Authorizes the state Treasurer of West Virginia to refuse to enter into a banking contract with a restricted financial institution based on their status of engaging in boycott of energy companies (Article 1, Sec. 12-1-15).

• Defines “banking contract” as a contract entered into by the Treasurer and a financial institution to provide goods and services to a spending unit (Article 1, Sec. 12-1-15)

• Authorizes the Treasurer to prepare and maintain a list of financial institutions that are engaged in boycott of energy companies and list them as restricted financial institutions (Article 1, Sec. 12-1-15).

• Defines “financial institution” as the following, including, but not limited to (Article 1, Sec. 12-1-15):

• Banks, national banking association, or non-bank financial institution;

• Bank and trust company, trust company, or a savings and loan association; or

• Mutual savings bank, credit union, or a savings bank.

• Defines “boycott of energy companies” as something that is without an ordinary business purpose such as refusal to deal with a company, termination or business activities with a company, or other action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because they (Article 1, Sec. 12-1-15):

• Engage in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy;

• Engage in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; and

• Does business with a company that engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy.

• Authorizes the Treasurer to disqualify restricted financial institutions from the competitive bidding process or any other official selection process (Article 1, Sec. 12-1-15).

• Authorizes the Treasurer to require a financial institution not engage in a boycott of energy companies as a condition of their contract (Article 1, Sec. 12-1-15).

Full Bill Text