ARIZONA NEWS

Arizona AG Kris Mayes pulls out of investigations into certain banks’ investing practices

Feb 13, 2023, 1:19 PM | Updated: 1:55 pm

(Photo by Davis Turner/Getty Images)...

(Photo by Davis Turner/Getty Images)

(Photo by Davis Turner/Getty Images)

PHOENIX – Arizona Attorney General Kris Mayes said Monday her office will no longer join a multistate investigation into U.S. banks that consider sustainability when making investments.

Former AG Mark Brnovich, a Republican, was one of 18 state attorneys general who launched an inquiry in October 2022 into environmental, social and governance investing, better known as ESG.

“While my predecessor’s administration spent time and resources launching politicized investigations into the environmental sustainability efforts of major financial institutions, my administration is committed to using the tools and resources at our disposal to protect and secure the rights of Arizonans on matters that affect their daily lives,” Mayes said in a press release.

Bank of America, CitiGroup, JP Morgan Chase and Wells Fargo are among the banks targeted by the investigation.

“Corporations should be permitted to access capital markets in ways that they feel are necessary for the advancement of their investor objectives and for society, as long as they are doing so in a lawful manner,” Mayes said.

“Corporations increasingly realize that investing in sustainability is both good for our country, our environment, and public health and good for their bottom lines. The state of Arizona is not going to stand in the way of corporations’ efforts to move in the right direction.”

Mayes has pulled the state out of a student debt lawsuit and halted executions after Gov. Katie Hobbs ordered a rigorous review of the death penalty process since taking office in January.

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Arizona AG Kris Mayes pulls out of investigations into certain banks’ investing practices