Indiana Attorney General Todd Rokita is adding another crack to the steadily fracturing relationship between big banks and Republican officeholders.

Rokita announced Wednesday he's served a civil investigative demand, similar to a subpoena, on six major U.S. banks seeking documents relating to each bank's involvement with the United Nations Net-Zero Banking Alliance.

He claims banks that are alliance members are required to set emissions reduction targets in their lending and investment portfolios to reach net zero by 2050.

The banks subpoenaed by the Republican attorney general are: Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.

"These banks appear to be colluding with the UN to destroy American companies that specialize in fossil fuels or otherwise depend on them for energy," Rokita said. "They are pushing an investment strategy designed not to maximize financial returns but to impose a leftist social and economic agenda that cannot otherwise be implemented through the ballot box."

In fact, data compiled by Bloomberg shows bank loans to oil, gas and coal enterprises total $320 billion so far this year, up 9% compared to the same period last year, with Wells Fargo and JP Morgan Chase among the top lenders — notwithstanding their alliance membership.

Rokita nevertheless described the banks' consideration of climate impacts in their investment decisions as an "apparent conspiracy" that purports "to prioritize environmental, social and governance issues over profit."
"This new woke-ism in the financial sector poses a real threat to everyday Hoosiers," Rokita said. "Indiana’s farmers, truck drivers and fuel-industry workers are hurt when the radical Left attacks whole segments of our economy. And it’s troubling that these banks in the Net-Zero Banking Alliance are taking marching orders from UN globalists all-too-eager to undermine America's best interests."

Rokita's investigation demand, similar to 19 others filed by Republican attorneys general across the country, was issued without needing approval from the Indiana General Assembly or Republican Gov. Eric Holcomb.

Records show three of the targeted banks — Bank of America, JP Morgan Chase and Wells Fargo — continue to be designated by the state treasurer's office as valid and secure depositories for public funds held by the state and Indiana local governments.
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