Louisiana Treasurer John Fleming is pictured arriving at Trump Tower in New York City a Dec. 12, 2016, photo, when he was a member of then President-elect Donald Trump’s transition team. (Drew Angerer/Getty Images)
Louisiana Treasurer John Fleming has recommended the state not work with Bank of America as a fiscal agent because of the financial institution’s environmental, social and governance principles. Conservatives have opposed such ESG standards, arguing they’re a form of corporate discrimination.
“This decision was not entered into lightly but was made because there is evidence that Bank of America is deliberately denying banking services to customers and potential customers (de-banking) of religious organizations, gun manufacturers, fossil fuel producers and others based simply on their political perspectives and activities, not because of any bank policy or law violations,” Fleming said in an Aug. 12 news release .
There’s a question about whether this recommendation has any practical effect – but more on that later.