BlackRock, an investment company, has an agenda that is far from profitable. It adheres to the Environmental, Social, and Governance standards for investment. These standards don’t place much emphasis on profitability and good business practices, but rather adhere to left-leaning ideologies.
BlackRock, sticking to ESG practices has endangered the livelihoods and pension plans of Texans by boycotting industries left-leaning people resist like oil or coal, and throwing investment capital at companies that have “green initiatives”.
We previously reported that BlackRock has more assets than any other Wall Street investment management company, with $10 trillion in assets under management. According to White House logs, Thomas E. Donilon from BlackRock’s Investment Institute met with the Bien administration multiple times. These closed-door meetings have deepened ties to the Biden administration, with family ties including those between Thomas and Mike Donilon who was Biden’s chief strategist in 2020.
Fox Business reports that Texas Republican state Senator Bryan Hughes, the Chairman of the Committee on State Affairs, issued a statement stating that BlackRock and other investment firms, such as Vanguard or State Street, were summoned to appear before Texas legislators on December 15.
The Committee requires these documents in order to discover the extent to which these companies have been using taxpayers’ money to play politics. Next week, we will hold a hearing where each company will appear and account to the people,” Texas Republican state Senator Bryan Hughes said in a statement to FOX Business. Each firm has provided documents. However, some firms have provided more than others. BlackRock has been particularly reluctant to give documents it considers confidential or internal.
Hughes said, “Accordingly we have issued a subpoena for BlackRock to produce additional documents that the committee requires to complete its work.” We will not permit these firms to continue using Texans’ money in order to push a narrow political agenda. They are legally required to protect their investors’ best interests and we will enforce that obligation.
Hughes stated that the hearing would be devoted to discussing the effects of ESG policies on Texans and will include high-ranking representatives from the companies. Fox Business reported Glenn Hegar (the state’s comptroller) is especially concerned about the negative effects these ESG policies have on the state’s oil and gas industry.
“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 isn’t the only state to take action against BlackRock and companies that are involved in ESG policies. Louisiana and Missouri announced plans to divest hundreds of millions of dollars from BlackRock because of these harmful policies.