State Treasurer Warns 6 Banks They May Be Added To ‘Restricted’ List

Treasurer Riley Moore has sent letters to six financial institutions warning them their environmental, social and governance policies could cost them state contracts.

West Virginia’s treasurer has warned a new set of banks they may be barred from engaging in contracts with the state.

Treasurer Riley Moore has sent letters to six financial institutions warning them their environmental, social and governance policies could cost them state contracts.

The restricted financial institutions list arose from Senate Bill 262, which became law in 2022.

Moore initially placed five banks on the list: BlackRock, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.

Kentucky enacted a similar law the same year, though the Kentucky treasurer’s office has different banks on its list.

Through a Freedom of Information Act Request, the banks that received the new letters are: BMO Bank, Citibank, Fifth Third, Northern Trust, TD Bank and HSBC.

They have 45 days to prove they are not engaged in a boycott of fossil fuel companies, or they will be added to the list.

A report last year from the Sierra Club showed that four of the five banks originally on the West Virginia Treasurer’s list – Goldman Sachs, Chase, Morgan Stanley and Wells Fargo – are among the top providers of financing to utility companies that burn coal.

Citibank and TD Bank are also among the companies supporting coal-burning utilities.

Three of the banks on the combined list – Chase, Citi and Wells Fargo – are among the top six providers of financing to coal-burning utilities.

The three banks have committed to align their financing with the Paris Agreement and the Net Zero Banking Alliance yet have injected billions of dollars into coal-consuming utilities since 2016.

Republican Moore Defeats Longtime W.Va. State Treasurer Perdue In General Election

Republican Riley Moore, a former member of the West Virginia House of Delegates, has defeated incumbent Democrat John Perdue for the office of West Virginia State Treasurer.

Moore won the seat of state treasurer after gaining 56 percent of the vote, according to the West Virginia Secretary of State’s office. His opponent, Perdue, has held the office since 1996 — the longest-serving treasurer in West Virginia’s history.

Moore said he’s grateful to his family and voters, and recognizes the historic significance of his win.

“No Republican, from my understanding, has ever beat a 24-year incumbent, statewide, in West Virginia state history,” Moore said. “And on top of that, we’ve not elected a Republican State Treasurer in 92 years.”

One of the platforms Moore ran on in his campaign was to create term limits for the office of state treasurer. He said he plans to suggest this change to the West Virginia Legislature during the 2021 session.

“I want to see term limits in these constitutional offices,” he said. “I think it’s good for government. I don’t think we should have anybody, whether it’s me, or anybody, just lording over these offices for decades at a time.”

Moore said his first goal, however, will be to create a savings account program for individuals coming out of trade and technical schools. The savings account would allow graduates to buy tools, equipment, licenses and certifications. Moore said he wants to help people get into the workforce.

“We [already] have a college savings account,” he said. “Twenty-five percent of our population goes to college. This is for the other 75 percent of West Virginians that don’t, because we need to be out there also trying to help them on their career path. Because the more we help them, the more we help West Virginia … have a more robust and diversified economy with a strong middle class.”

Riley Moore lives with his family in Harpers Ferry, Jefferson County. He will move to Charleston when he begins his term as state treasurer.

Decades On The Job Versus New Ideas — Meet Perdue And Moore, Candidates For W.Va. State Treasurer

The West Virginia State Treasurer is one of the many ticket items on the ballot this year. The office manages $16 billion annually. It’s responsible for overseeing the state’s operating funds, monitoring the state’s debt and performing additional banking and accounting duties.

The West Virginia Office of the State Treasurer was established at the Constitutional Convention held in Wheeling in 1863 after West Virginia split from Virginia.

The two candidates seeking the seat this year are incumbent John Perdue, a Democrat, and former House of Delegates member Riley Moore, a Republican.

Democrat John Perdue has held the office of state Treasurer, or Chief Financial Officer, since 1996. He’s held the position longer than anyone in West Virginia’s history and is currently the second longest-serving state treasurer in the nation.

He said the people of West Virginia motivate him to keep running for the office.

“I’ve never forgotten that I work for the people of this state. And I will continue to do that as their treasurer, regardless of politics,” Purdue said. “It’s about your work ethic and what you can do to manage the assets of this state, and I think I’ve proven that.”

Early in his career, Perdue worked for the West Virginia Department of Agriculture. He went on to work in the office of former Gov. Gaston Caperton. He said it was during the job with Caperton that he learned he really liked working with numbers and budgets.

“When I became state Treasurer, I realized I had a big job ahead of me in returning trust back to the treasurer’s office,” Perdue said. “And we started immediately working on that by putting professionalism into the office and the technology in the office to be able to manage the checkbook of the state.”

But he said he also feels very strongly about education issues. Perdue said that’s why he made it a priority to oversee a savings plan called SMART529. It’s a program designed to encourage families to save for college.

“The flexibility of that program gives you the opportunity to be able to go to technical education and become an expert in that and get the certification to be able to do that,” Perdue said. “You can use that money to buy the tools to be able to help with education.”

In his 24 years on the job, Perdue has also overseen other savings plans. One is for people with disabilities called WVABLE. Another is a financial education initiative called NetWorth and a budget simulation called “Get a Life.”

He’s hosted workshops and conferences to help West Virginians learn how to manage their financial assets. He’s returned more than $230 million in unclaimed property, and he heads the West Virginia Retirement Plus program.

It’s this track record, as Perdue puts it, that he’s hoping West Virginians will re-elect him for a seventh term.

“I think you stand on your record,” Perdue said. “I’m running on my record and what I’ve brought to the treasurer’s office – what I’ve brought to the people of the state of West Virginia.”

But Republican Riley Moore, who’s challenging Perdue on the ballot in November, thinks Perdue has moved too slowly on issues and has had long enough in the office.

Moore is running on three key areas: accountability, modernization, and transparency. He said the treasurer’s office should have term limits, similar to the office of governor or the president. By instituting term limits, Moore said, it will help spur change more frequently and bring innovative ideas to the office.

“I think that’s one of those things that is really good for transparency and accountability,” Moore said. “To have new blood, new ideas in the office and limit the amount of terms that an individual can serve in that capacity.”

Another major area for Moore is creating a savings account strictly to help those individuals who are graduating trade school or vocational programs and help them jump into the workforce. He calls this his Jump Start Savings Program.

Before entering public service, Moore was a welder while in college. It was this experience, he said, that opened his eyes to the needs of the working class. His Jump Start savings account would help individuals purchase major equipment for their career.

“People that are coming out of a trade, technical and community college, they could save money to buy tools, equipment, licenses and certifications in their trade or vocation,” Moore said. “Which I think would not only be prepared in terms of training, but we would have them equipped as well for the future.”

Moore said his program is different from the SMART529 plan, in that people will be able to save for tools and equipment for a job rather than for school.

“I think West Virginia is so well-suited for a program like this,” Moore said. “And I think we could demonstrate to the rest of the country what happens when we put a focus on the working people.”

Moore also said he’s suited for the job of treasurer after his work in the West Virginia House of Delegates where he served for three state Legislative sessions from 2016 to 2018.

While in the Legislature, Moore spearheaded the creation of the State Police Forensic Laboratory Fund. He was also a major supporter of medical cannabis access in West Virginia, which was approved by the Legislature in 2017. Moore said that program has yet to launch and claims Perdue’s office delayed the selection of a financial institution to handle banking for the medical cannabis industry.

“That is what I want to change in that office,” Moore said. “We’re going to move faster. We’re going to modernize that office. We’re going to be more transparent about what we’re doing, and that is why we need term limits to put pressure on people to perform within a certain given time period, not an indefinite one.”

Whether Moore can push his ideas for the office – when it comes to the banking aspect of medical cannabis or any of the other programs administered by the treasurer’s office – all depends on him unseating Perdue.

The race for state Treasurer, like all others in the general election, will be sorted out by voters as ballots come in through Nov. 3.

W.Va. Unclaimed Property Claims Totaled $1.45 Million in September

The West Virginia State Treasurer’s office said in a news release it paid out $1.45 million in claims last month.

Unclaimed property can include abandoned safety deposit boxes, stock dividends left uncashed or a final paycheck left behind. By law, holders of such assets are required to turn them over to the Treasury.

Field representatives with the Treasurer’s office conduct outreach by tracking down property owners through in-house records, courthouse files and checking other documents. 

If you believe you may have unclaimed property owed to you, you can fill out a claim by contacting the state treasury office. Go to www.wvtreasury.com to file an e-claim or call 1-800-642-8687 for additional information.  

In addition to staff generated outreach and e-claims, people and businesses may also submit paper claims and phone claims individually, by find their names online or through a printed newspaper insert.

Meet the Republican & Democratic Candidates for W.Va. Treasurer

While the races for president and for governor seem to be getting all of the attention this election cycle, all five of West Virginia’s Constitutional Offices are also on the ballot. In the race for Treasurer, Democrat John Perdue is the long-time incumbent, holding the position for 20 years. He’s running a race against political newcomer Republican Ann Urling who brings 30 years of community banking to the table. West Virginia Public Broadcasting brings this look at the campaigns for the office.

Transparency

 

Ann Urling is new to the world of politics, but not new to money and numbers. Urling is the senior Vice President of Summit Community Bank headquartered in Moorefield, but she and her family live in Charleston, where she’s currently a commercial lender for the bank.

 

“As a banker, one thing that I have learned is it’s important to have a fresh set of eyes; look at the money and look at the way things are being done,” Urling said, “and sometimes things aren’t changed that need to be changed just to be more modern and more efficient.”

Urling says it’s her “fresh set of eyes” and her experience in banking that make her qualified for the job as state Treasurer.

 

Incumbent John Perdue, who’s held office since 1996, argues the system is already in a good place, because he’s brought transparency and hired people who do the job well.

 

“I think the proof of what I’ve done with the treasurer’s office of bringing the professionals in there; the accountants, the CPAs that manage the taxpayers’ money, and make sure that we do not lose any money. I think we have set the examples that’s very good; we’re always looking at other opportunities to improve upon that,” Perdue said.

Urling has criticized Perdue on the campaign trail, though, for a lack of transparency in his office. She points to a website run by the state of Ohio that allows citizens to explore the spending of individual state agencies. Urling says that kind of access would keep the office accountable.

 

“If you want to see where your taxpayers’ dollars are going, where the sales tax is actually going to pay for paving of the roads, all of that is going towards that. You can drill it down to the point that you can actually see the check that is cut,” she explained. But Perdue says the state already has the exact same website. It’s called transparencywv.com.

 

“We have an icon on the website, where you can click on the transparency, and you can go to any agency in state government and go and track any money that’s being spent in state government, and we do that by working together with the Governor’s office and the Auditor’s office, because we’re all together on transparency.”

 

State Budget

 

The next Treasurer of West Virginia will inevitably have to deal with the state’s lack of revenues. Over the past four years, the office’s budget has been cut by 32 percent. Perdue says continued cuts likely mean the next treasurer will have to layoff employees or cut services.

 

“If we continue to cut, and you continue to layoff professionals, you’ve got to decide what are you gonna cut? Which accountant are you gonna take out of the treasurer’s office, which CPA are you gonna take out of the treasurer’s office; I hope we don’t get to that point that we make that decision,” he noted.

 

Urling says the Treasurer’s Office should consider cutting employees, though. She would start with the public relations team, which she says Perdue puts too much time and money into.

 

“I personally don’t think it’s the best use of resources for the state Treasurer himself, and his public relations team to hand deliver checks to people for their unclaimed property,” Urling said, “Not only is there a big public relations team, while our state’s in a budget crisis basically, he’s got eight top people there in his office now.”

 

Urling says there are too many high level employees in the office taking home large salaries, but Perdue says those professionals make up an effective team and says you need the best people running state government.

 

“I’m not gonna lose the best that I have in the treasurer’s office cause I deal with that constantly all the time; if you don’t pay on a competitive scale, you’re gonna lose that person to the private sector,” Perdue said, “I pay well, because I believe that having the integrity and honesty in that office, and having the checks and balances in place, and having the best people is good government and the best government we can have to pay for the future of this state.”

 

Education

 

One thing both candidates do agree on, though, is the importance of the educational programs offered through the treasurer’s office.

 

Perdue says he’s proud of services they provide like SMART529, which helps families save for college.

 

“It allows parents and grandparents to save for their children’s education, get a dollar for dollar tax deduction on their state income tax by investing in that, and I think that’s very important for the future of this state and economic development,” Perdue said, “because we are getting kids to realize and start dreaming about what they want to be at a very young age and parents realizing they gotta set that money aside.”

While Urling agrees that the college savings program is important, she says she would expand educational outreach efforts by creating more programs that target young people.

“I have a concern about the education of our young folks and teaching them how to do a budget and how to balance their checkbook, and how not to have tons of student loan debt,” she said, “and I think it’s important that we do some basic education of just basic financial principles for all of our children; really starting in grade school.”

 

What Perdue and Urling want voters to know:

 

In the race, Urling casts herself as the candidate of change.

“You know, we’ve been doing things the same way for 83 years, it’s time for a change,” Urling explained, “and we can’t keep voting the same people in who are part of this political machine that keep doing the same things over and over and expect a different result. It’s time to try something different and see what happens.”

Perdue says he’s made plenty of changes during his time in office, pulling together a team of professionals that work efficiently and effectively under his leadership.

 

“I think they should vote for me, because they know I return the integrity and honesty and transparency to the treasurer’s office. I’m a proven leader with a college savings program, unclaimed property, and making sure that for the first time in the history of this state, we’re triple rated in the finances of the bank of state government,” Perdue said, “I’m very proud of that; I’m going to continue to work for them and protect their money; the taxpayers’ money; the bank of state government.”

Early voting begins in West Virginia on October 26. Election Day is November 8.

State Issues $21K in Unclaimed Assets to Organizations

The state Treasurer’s Office has issued more than $21,000 in unclaimed assets to churches and organizations including Habitat for Humanity.

The Charleston Gazette-Mail reports state treasurer John Perdue presented six checks during a ceremony Tuesday.

The largest check, totaling $8,549 went to the Rev. Lawrence Gallagher Foundation which provides support for Charleston’s St. Agnes Catholic Church.

Habitat for Humanity of Kanawha and Putnam also received a check for $4,785, which will go directly toward its Fund for Humanity.

The churches that received checks included Teays Valley Presbyterian, Spirit Life Fellowship in Dunbar, The Glorious Church of God in Huntington and Second Presbyterian Church in Huntington.

Since July 1, the office says it has returned $4.6 million in unclaimed property to West Virginia residents and organizations.

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