The Energy Equipment & Infrastructure Alliance (EEIA) sent an open letter to Officers, Directors and Shareholders of USBancorp and U. S. Bank calling on the institution to reverse its new discriminatory anti-pipeline policy.
USBancorp's newly announced 2017 Environmental Responsibility Policy prohibits the bank from financing pipeline projects, and subjects new and existing bank clients that build energy infrastructure projects to heightened scrutiny of their policies and practices.
"USBancorp's new anti-pipeline policy is discriminatory and an insult to hard working men and women of the U.S. energy infrastructure and fossil fuels industries", said Toby Mack, President and CEO of the Energy Equipment & Infrastructure Alliance. "USBancorp's policy will negatively impact businesses of all sizes in the energy supply chain, more than ninety percent of which are local and regional small businesses. EEIA calls on USBancorp and U.S. bank to immediately rescind its misguided and discriminatory policy."
The EEIA letter concluded:
"We believe your policy is ill-advised, unjustifiably discriminatory, and actually works against your stated purpose of supporting environmentally responsible business and employment. We trust you will review it with these thoughts in mind, and issue a revised policy that is more balanced and reflects the immense economic contributions that the energy supply chain provides to our nation."