Tennessee drops Wells Fargo investigation (2025)
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Tennessee Attorney General Jonathan Skrmetti (R) last week closed his investigation into whether Wells Fargo coordinated with other financial institutions to promote net-zero climate policies in violation of antitrust laws.
The investigation was part of a broader effort by Republican attorneys general to challenge coordination among financial institutions on climate policy. Skrmetti closed the case after the bank announced plans to move away from net-zero commitments.
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The San Francisco-based bank in February said it was scrapping net-zero financed emissions goals and discontinuing 2030 sector-specific targets on financed emissions that focused on carbon-intensive sectors like oil and gas, power, aviation, steel and automotive production. The group of states has probed whether Wells Fargo and five other U.S. banks — Bank of America, Citi, Goldman Sachs, JPMorgan Chase and Morgan Stanley — have violated antitrust or consumer protection laws by implementing net-zero emissions policies and limiting financing. “Companies exist to make money, not policy,” Tennessee Attorney General Jonathan Skrmetti said in a statement Thursday. “I commend Wells Fargo’s pro-consumer decision to step away from utopian policymaking, and I look forward to the rest of America’s major financial institutions following its lead.”[1] |
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Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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