Six leading financial institutions may no longer be allowed to conduct business in West Virginia, with State Treasurer Riley Moore warning that they face potential bans over boycotting the fossil fuel industry.

Moore announced that he had sent notices to BlackRock, JP Morgan Chase, Wells Fargo, Morgan Stanley, U.S. Bancorp, and Goldman Sachs on June 10, warning they could be placed on the state’s restricted financial institution list for appearing to be “engaged in boycotts of fossil fuel companies.”

Senate Bill 262 authorizes the Treasurer’s Office to create a restricted financial institution list consisting of companies that have publicly stated they will refuse, terminate, or limit doing business with coal, oil, or natural gas companies “without a reasonable business purpose.”

Financial institutions featured on the exclusion list may be ineligible for contracts for state banking services, ensuring that they are not entrusted with state revenue and taxpayer dollars.

“Earlier this year our Office proposed Senate Bill 262 to push back against unfair discrimination against our coal, oil, and natural gas industries by the financial sector as part of the so-called ESG investing movement,” Treasurer Moore said in a press release. “We’ve now demonstrated we are serious about enforcing this law.”

The six target companies will be placed on the exclusion list in 45 days unless they respond with information demonstrating that they are not engaged in a boycott of fossil fuel companies.

West Virginia is one of many states to adopt laws aimed at punishing banks believed to be discriminating against certain industries through their ESG policies. A similar policy is also in place in Texas.