Article originally appeared on amac.us.
The New York City Banking Commission voted late last week to halt deposits at two banks and prohibit deposits at three others that “failed to submit required plans demonstrating their efforts to root out discrimination” – in other words, for not being woke and punitive enough. The move could be the first sign of a leftist counterpunch to the conservative movement’s battle against “environmental, social, governance” (ESG) investing and other forms of politicized banking.
The commission – comprised of NYC Comptroller Brad Lander, Mayor Eric Adams, and Finance Commissioner Preston Niblack – said in a press release last Thursday that the city government would freeze its deposits at Capital One and Key Bank and bar any deposits at Finance Bank, PNC Bank, or Wells Fargo.
“Banks seeking to do business with New York City must demonstrate that they will be responsible managers …
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