Texas Prepares to Bring Down the Hammer On BlackRock Over Destructive ESG Adherence

The investment company known as BlackRock has an agenda that is far from beneficial as it adheres to the Environmental, Social, and Governance (ESG) investment standards which don’t focus on profitability and good business practices but adherence to left-leaning ideologies.

Sticking to ESG practices, BlackRock has endangered the livelihoods of Texans and pension plans by boycotting industries that left-leaning people typically resist like oil and coal, throwing investment capital instead at companies with “green initiatives.”

As RedState previously covered back in June, BlackRock controls more assets than any other investment management firm on Wall Street with around $10 trillion under management. BlackRock’s Investment Institute, Thomas E. Donilon, has met with the Bien administration on multiple occasions according to White House logs for closed-door meetings with ties to the Biden administration going even deeper, including familial ties between Thomas and his brother Mike Donilon, Biden’s chief strategist during the 2020 campaign.

According to Fox Business, Chairman of the Committee on State Affairs Texas Republican state Sen. Bryan Hughes issued a statement saying that BlackRock, as well as other investment firms such as Vanguard and State Street, have been issued summons to appear before Texas lawmakers on December 15:

“The Committee needs these documents to uncover the extent to which these firms have been playing politics using Texans’ hard-earned money. Next week we will hold a hearing where each firm will appear and give account to the people of Texas,” Texas Republican state Sen. Bryan Hughes, the chairman of the Committee on State Affairs, told FOX Business in a statement. “While each firm has produced documents, some have provided more than others. BlackRock in particular has refused to provide documents it considers internal or confidential.”

“Accordingly, we have issued a subpoena to BlackRock for the production of additional documents the committee needs to complete its work,” Hughes continued. “We will not allow these firms to continue to use Texans’ money to force a narrow political agenda. They have a legal duty to put their investors’ interests first, and we intend to make sure they do.”

Hughes announced that the hearing would discuss the impact ESG policies have on Texans with high-ranking officials from the companies. Fox Business reported that Glenn Hegar, the state’s comptroller, is particularly concerned about how these ESG policies negatively affect the oil and gas industry within the state.

“The environmental, social and corporate governance movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy,” Hegar said.

Texas is not the first to move against BlackRock or companies that deal in ESG policies. Louisiana and Missouri have announced their plans to divest hundreds of millions of dollars from BlackRock over these harmful policies.

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