Wells Fargo, RBC Bankers Met Texas AG Staff Regarding ESG Probe

Bloomberg05-01

(Bloomberg) -- The Texas Attorney General’s staff met with municipal finance executives from Wells Fargo & Co. and RBC Capital Markets as Ken Paxton’s probe into whether the Wall Street banks “boycott...

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NYPD Arrests Over 300 Protesters in Crackdown on College Campuses. Lilly Soars as Forecast Boost Shows Weight-Loss Drugs’ Power. Paxton’s office is working to determine whether any of the banks engage in a “boycott” of the fossil fuels industry as part of an effort to enforce a 2021 GOP law targeting banks’ climate change commitments. Both RBC and Wells Fargo were removed from transactions in the weeks following Paxton’s Oct. 17 announcement.Both banks have repeatedly maintained that they don’t boycott the energy industry.Modi Is $20Trillion Short on His Grand Planfor India’s Economy","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","BK4207":"综合性银行","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","AG":"First Majestic Silver Corporation","BK4581":"高盛持仓","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4504":"桥水持仓","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4127":"投资银行业与经纪业","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","WFC":"富国银行","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","RY":"加拿大皇家银行","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0251142724.SGD":"Fidelity America A-SGD","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4210":"白银","LU0106831901.USD":"贝莱德世界金融基金A2","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BK4501":"段永平概念","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4559":"巴菲特持仓","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","ESG":"FlexShares STOXX US ESG Select Index Fund","BK4588":"碎股"},"translate_title":"富国银行、加拿大皇家银行银行家就ESG调查会见德州股份公司员工","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AG":1,"ESG":1,"WFC":0.9,"RY":0.9},"content_text":"(Bloomberg) -- The Texas Attorney General’s staff met with municipal finance executives from Wells Fargo & Co. and RBC Capital Markets as Ken Paxton’s probe into whether the Wall Street banks “boycott” the fossil fuels industry drags on.\nMost Read from Bloomberg\n\nTesla Axes Supercharger Team in Blow to Broader EV Market\nNYPD Arrests Over 300 Protesters in Crackdown on College Campuses\nFed to Signal Delay of Interest-Rate Cuts\nThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire Economy\nLilly Soars as Forecast Boost Shows Weight-Loss Drugs’ Power\n\nBankers from RBC, including Bob Spangler, the New York-based head of municipal finance for the firm, met with Paxton’s staff on Tuesday at the attorney general’s office in Austin, according to emails obtained by Bloomberg News through a public records request.  \nEarlier in April, Wells Fargo also met with members of the attorney general’s office, other emails between the bank’s employees and Paxton’s staff show. Attendees included Scott Fontenot, senior vice president for state and local government relations at the bank, and Blaine Brunson, a Texas public finance banker. They were joined by the bank’s lawyers. \nSpokespeople for RBC and Wells Fargo declined to comment. The Texas attorney general’s office didn’t respond to email and phone calls requesting comment.\nRead more: Why Texas Is Banning Banks Over Their ESG Policies: QuickTake\nThe meetings cast a rare light on the investigation, which has become a six-months long headache for municipal bond bankers, who help facilitate debt sales for cities and states to raise money to build infrastructure. Since October, the Texas AG’s office has been examining the policies of banks that joined Net-Zero Banking Alliance, a group of companies that have committed to cut their greenhouse gas emissions.\nThe probe upended the Texas muni underwriting market after Paxton’s letter to bond lawyers last year, but the investigation’s progress has had little transparency, and it isn’t clear when it will conclude.\nPaxton’s office is working to determine whether any of the banks engage in a “boycott” of the fossil fuels industry as part of an effort to enforce a 2021 GOP law targeting banks’ climate change commitments. Both RBC and Wells Fargo were removed from transactions in the weeks following Paxton’s Oct. 17 announcement.\nBoth banks have repeatedly maintained that they don’t boycott the energy industry.\nPaxton, a Republican, could ultimately bar more banks from the state’s roughly $50 billion-a-year muni market. His office already blacklisted Citigroup from working on local deals there in 2023 and Barclays in early 2024.\nIt’s unclear if the other banks that Paxton is looking into have held meetings with his office. Spokespeople for Bank of America and Morgan Stanley declined to comment.\nMost Read from Bloomberg Businessweek\n\nWill GM Regret Kicking Apple CarPlay off the Dashboard?\nModi Is $20 Trillion Short on His Grand Plan for India’s Economy\nAI Is Helping Automate One of the World’s Most Gruesome Jobs\nElon Musk vs. Jeff Bezos Is America’s New Moon Race\nTesla Strike Has US Unions Taking Notes\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432500718"}