Texas clears Wells Fargo after bank quits Net-Zero alliance
BY SourceMedia | MUNICIPAL | 12/20/24 02:02 PM ESTTexas Attorney General Ken Paxton ended a 14-month review of Wells Fargo
In October 2023, Paxton put several firms, including Bank of America
The move was in conjunction with a 2021 Texas law that prohibits state and local government contracts worth $100,000 or more with entities that "boycott" the fossil fuel industry.
"Today, Wells Fargo
In response to emailed questions, Wells Fargo
The constitutionality of the law is being challenged by a business group, which filed a lawsuit in federal court against Paxton and Texas Comptroller Glenn Hegar in August.
While on review, Wells Fargo
The bank also headed a $1.63 billion Texas Transportation Commission Central Texas Turnpike System July bond sale and a $371 million revenue refunding bond issue in October for the Harris County-Houston Sports Authority.
Other banks have also underwritten bonds in the state while under the attorney general's review.
Texas was an early enactor of anti-environmental, social, and governance laws, including another targeting firearm industry "discrimination," that have led to the blacklisting of several financial firms, including municipal bond underwriters, for contract and divestment purposes.
Wells Fargo
A similar oil and gas industry boycott law in Oklahoma led to Wells Fargo's