CHARLESTON, W.Va. (WBOY) — West Virginia’s Treasure Riley Moore has announced that West Virginia’s investments are safe following the failure of Silicon Valley Bank over the weekend.
According to a press release from Moore’s office on Tuesday, the $10 billion of short-term investments for the state and local governments under the West Virginia Board of Treasury Investments had “no exposure to Silicon Valley Bank or other recently failed banks.”
“I want our taxpayers to rest assured we did not have any funds or holdings invested in Silicon Valley Bank or the two other high-profile bank failures, Silvergate and Signature Bank,” Moore said in the release.
The release said that the bank collapse was “an extreme circumstance” and that West Virginia “will be largely unaffected.”
Moore also once again spoke out against ESG investing being used in the banking sector and investments, saying, “Banks need to return to being simply banks and focus on actual financial matters rather than subjective social and political goals.”