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Committee debates bill to publish list of banks that 'boycott' energy companies; bill stalls after testimony
Summary
House Bill 291 would require the Secretary of State to prepare a restricted financial institution list of banks that "boycott" energy companies and make those banks ineligible for new or renewed state banking contracts; the measure prompted technical and policy objections and did not advance at the hearing.
Representative Pendergraft presented House Bill 291, which would require the Secretary of State to prepare and maintain a "restricted financial institution list" of financial institutions that, in the bill’s language, "without a reasonable business or financial purpose, discriminates against an energy company" and to provide that list to the Board of Deposits. The bill would make listed institutions ineligible to enter new or renewed banking contracts with the state and would require new banking contracts to include a term promising not to "engage in a boycott of energy companies." The proposal would also require notice to the institution and provide a process for removal of an institution…
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