A top Texas state Senate committee issued a subpoena last month demanding asset manager BlackRock hand over key documents related to its decision-making on environmental investments.
by the Texas Senate Committee on State Affairs, represents the latest effort from the Republican-led state to slow the so-called ESG movement. Massive asset managers like BlackRock, Vanguard and State Street have increasingly pushed ESG standards upon companies in which they hold large financial stakes in an effort to push a broad green transition from traditional fossil fuel energy sources to alternatives like wind and solar.
"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.
Hughes announced earlier this week that his committee would host a hearing on Dec. 15 to discuss impact ESG policies from Wall Street financial institutions has on Texans. The committee has invited high-ranking officials from the companies including BlackRock to testify at the hearing.
"Some of these firms may be using investments essentially owned by Texas to directly push shareholder initiatives that run contrary to the interests of our state," he added.In accordance with recently-passed state law, Hegar's office also published a list of financial institutions that it concluded have engaged in boycotts of energy companies. The list included BlackRock.
Meanwhile, more than a dozen other Republican-led states have also aggressively fought back against the ESG movement. For example, in October, both Louisiana and MissouriBlackRock didn't immediately respond to a request for comment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Activist investor calls for BlackRock CEO Fink to step down over ESG ‘hypocrisy’BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company's alleged 'hypocrisy' in its ESG messaging.
Read more »
Warnock Beats Walker in Georgia Senate Runoff, Giving Dems 51-49 Senate EdgeIncumbent Sen. Raphael Warnock beat Republican challenger Herschel Walker in Tuesday's 2022 Georgia Senate runoff election. See the potential bias and similarities in coverage from ajc, dcexaminer and thehill:
Read more »
Retiring Sen. Jane Nelson tapped for Secretary of StateNelson was the most senior Republican in the state Senate, where she served for 30 years before deciding not to seek re-election last summer.
Read more »
GOP investigates whether left-leaning 'ESG' goals have infected the Federal Trade CommissionRepublicans are asking the FTC to explain how ESG priorities are play a role in the merger review process, and worry they create a partisan agenda that could hurt consumers.
Read more »
Why the GOP Will Lose Its War on ‘Woke Wall Street’The marriage between conservatives and corporate America has grown increasingly rocky. EricLevitz writes on how Republicans can’t accept that they dislike modern capitalism, so they’re blaming “ESG” instead
Read more »
Florida pulls money from BlackRock - Jacksonville Business JournalFlorida will pull $2 billion from the largest asset-management firm in the world over ideological differences.
Read more »