From Pikeville to Paducah, Kentucky teachers, police officers, and public servants dedicate their lives to serving others. These individuals rely on the promise that their hard work will be rewarded with financial security in retirement. Yet, when financial institutions prioritize political agendas over economic returns, that promise is put at risk. Protecting the retirement savings of those who dedicate their career to public service is not just an economic issue – it's about upholding our commitment to ensure they can retire with the security and peace of mind they have earned.
In recent weeks, BlackRock, the world's largest investment manager, and JPMorgan Chase announced their departure from the Net-Zero Banking Alliance.
Their exit follows a wave of similar decisions from other major banking institutions, including Morgan Stanley, Citigroup, Bank of America, Goldman Sachs, and Wells Fargo. These departures make a significant retreat from the extreme climate agenda, driven in large part by the implementation of anti-ESG policies nationwide.
During my time as Kentucky Treasurer, I fought to safeguard Kentucky's fossil fuel industry and protect the pensions and hard-earned dollars of Kentuckians. I worked with the Kentucky legislature to enact laws identifying banks that are actively boycotting the energy sector—a signature industry in the Commonwealth. The legislature and I ensured tax dollars would not go towards contracts with companies actively working against coal, oil, and gas. Another law I championed also now requires Kentucky's pension systems to invest solely with the goal of securing the best financial returns for the Commonwealth's pensioners, rejecting any agenda that compromises their financial future. Kentucky no longer allows our own dollars to be used to undermine our own economic prosperity.
Now serving as Kentucky Auditor, I am committed to ensuring the laws passed are upheld, and I am continuing the fight to safeguard Kentucky's economic future. As a member of the Public Protection Oversight Board, I oversee the Kentucky Retirement System to ensure Kentucky retirees receive the support they deserve when they retire through secure investments and returns.
It is sound policies like these in Kentucky and similar actions across the United States that have signaled to big banks the public's priorities. Americans care more about their financial security and economic stability than promoting a political agenda disguised as environmental advocacy. These actions send a clear message: Americans who save and invest for retirement do so to secure their own economic futures, not to champion costly ideological pursuits.
The fight is far from over, but this victory is a major step in the right direction for Kentucky's future and a beacon of hope for Americans who value economic security, energy independence, and common sense.
Allison Ball, a ninth-generation Eastern Kentuckian, is serving in her first term as the 48th State Auditor of Public Accounts for the Commonwealth of Kentucky. Previously, Ball served two terms as Kentucky State Treasurer.