<a href="https://www.dailywire.com/topic/oklahoma" target="_blank" rel="noopener">Oklahoma</a> public retirement funds are being “weaponized” to back decarbonization, racial audits, and push pro-abortion policies, according to a new watchdog report shared exclusively with The Daily Wire.
The <a href="https://dw-wp-production.imgix.net/2024/04/OPERS-Woke-Investment-Managers-Final.pdf" target="_blank" rel="noopener">report</a>, from the American Accountability Foundation, found that three asset managers used by the Oklahoma Public Employees Retirement System (OPERS) have used money from state retirement accounts to support shareholder proposals rooted in woke politics and environmental, social, and governance principles. According to the report, three firms — State Street Global Advisors, Newton Capital Management, and Westfield Capital Management — have used some of the $1.7 billion they manage for OPERS&#8217; portfolio to support at least 216 ESG-tinged proposals that take aim at the oil industry and push leftist social values.
The AAF obtained data on all proxy votes cast by asset managers for Oklahoma’s public retirement funds since 2022 through an open records request. “Altogether, we identified 216 votes in support of troubling policies, including racial equity audits, gender pay gap reports, initiatives to silence conservatives and trade associations, abortion rights, and the radical climate agenda,” the watchdog wrote in a memo shared with The Daily Wire.
The memo comes as Oklahoma Governor Kevin Stitt (R) and Oklahoma Treasurer Todd Russ have <a href="https://oklahoma.gov/governor/newsroom/newsroom/2023/march2023/governor-stitt-joins-18-governors-in-joint-statement-opposing-ha.html" target="_blank" rel="noopener">spoken out</a> against ESG investing, calling the push harmful to the state. OPERS did not respond to a request for comment from The Daily Wire.
State Street, alongside BlackRock, were both supposed to be dropped by OPERS because of new legislation restricting state entities from working with companies that are opposed to the oil and gas industry, but <a href="https://www.pionline.com/esg/oklahoma-pers-will-keep-blackrock-state-street-after-approving-divestment-exemption" target="_blank" rel="noopener">were exempted</a> after a vote from the board of OPERS.
In the last two years, State Street, Newton, and Westfield all backed resolutions that “call for increased climate disclosures or greenhouse gas emissions targets,” according to the AAF. For example, Newton backed a proposal for energy company Phillips 66 to adopt greenhouse gas “emissions reduction targets aligned with the Paris Agreement goal” at the company’s May 2022 shareholder meeting.
“We therefore support the Company to set emission reduction targets for all emissions: the emissions of the company’s operations and the emissions of its energy products (Scope 1, 2, and 3). Reducing Scope 3 emissions, the vast majority, is essential to limiting global heating,” the resolution said.
<img decoding="async" loading="lazy" class="wp-image-724665 size-large aligncenter" src="https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM-883x576.png" alt="" width="883" height="576" srcset="https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM-883x576.png 883w, https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM-300x196.png 300w, https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM-768x501.png 768w, https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM-1536x1002.png 1536w, https://dw-wp-production.imgix.net/2024/04/Screen-Shot-2024-04-16-at-5.50.21-PM.png 1799w" sizes="(max-width: 883px) 100vw, 883px" />In another instance, Newton voted to back a proposal for Wells Fargo to conduct a racial equity audit, according to the data shared with The Daily Wire.
Citing the death of George Floyd and “systematic racism,” the resolution urged the bank’s board of directors “to oversee an independent racial equity audit analyzing WFC’s adverse impacts on nonwhite stakeholders and communities of color.”
In a supporting statement, the resolution objected to $135,000 in Wells Fargo political donations going to “members of Congress who objected to certifying the election results.”
In another example from June 5, 2023, Westfield voted in support of a resolution saying that UnitedHealth Group should create a “report on congruency of political spending with company values and priorities.” The reason the report was needed was because of employee PAC donations to politicians “working to weaken abortion access” and backing of “state attorneys general seeking to revoke LGBTQ civil rights.”
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A similar resolution backed by Newton said that Coke’s diversity, equity, and inclusion policies may be hampered because of a Georgia law protecting unborn children six weeks into development. The resolution asked for a report “detailing any known and potential risks or costs to the company caused by enacted or proposed state policies severely restricting reproductive rights.”
Tom Jones, the president of the AAF, told The Daily Wire that the will of Oklahomans was being subverted by the use of OPERS funds to push ESG initiatives.
“For Oklahoma&#8217;s pension funds to be hijacked to push ESG nonsense is an affront to democracy,” Jones said. “The American people should decide our laws, not be dictated to by virtue-signaling corporations and government bureaucrats. Americans never voted to force businesses to conduct &#8216;racial equity audits&#8217; or to shut down oil and gas companies, yet that is what is being imposed on us by OPERS and the corporate advisers they hire. It&#8217;s time to put an end to this madness.”

Cash dollar bills and stock market indicators

EXCLUSIVE: Watchdog Warns About ‘Weaponization’ Of Red State’s Pension Funds For Leftist Causes

BlackRock

Oklahoma

Retirement funds

Social Issues

U.S.

Wokeness

Mississippi sent a cease-and-desist letter to <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> on Tuesday accusing the financial asset manager of misleading investors about its environmental, social, and governance policies and threatening to level a steep fine on the firm. 
The letter, from <a href="https://www.dailywire.com/topic/mississippi" target="_blank" rel="noopener">Mississippi</a> Secretary of State Michael Watson, <a href="https://www.sos.ms.gov/press/mississippi-secretary-state-issues-order-against-blackrock-alleged-securities-fraud-related" target="_blank" rel="noopener">says</a> that BlackRock may face a multimillion-dollar financial penalty if it does not comply with the state’s demands. BlackRock, which manages over $10 trillion in assets, has faced increasing scrutiny from Republican officials over its investing policies, especially in relation to its links to <a href="https://www.dailywire.com/news/financial-giants-pull-14-trillion-from-climate-group-that-pressures-companies-to-take-action-on-climate-change" target="_blank" rel="noopener">climate activist</a> groups. 
“BlackRock has made and continues to make untrue statements of material fact, and to omit material facts to make its statements not misleading, to investors and potential investors in Mississippi,” a copy of the <a href="https://dw-wp-production.imgix.net/2024/03/Final-CD-BR.pdf" target="_blank" rel="noopener">letter</a> obtained by The Daily Wire says. “These misrepresentations pertain to BlackRock’s provision of investment services, especially its involvement in pushing Environmental, Social, and Governance (‘ESG’) factors on portfolio companies. Additionally, many of BlackRock’s acts, practices, and courses of business operate or would operate as a fraud or deceit upon investors and potential investors in Mississippi.”
Watson said that the letter and notice of intent to impose administrative penalty was part of Mississippi&#8217;s efforts to go after politicized investment companies. 
“Investment companies will not push their political agenda on Mississippians, especially through fraudulent and deceptive means,” Watson said. “All citizens should have the opportunity to make informed and educated decisions when investing their hard-earned money. If not, our office will hold these bad actors accountable.”
The letter alleges that there are two categories of false and misleading statements made by BlackRock to investors. The first claims that while BlackRock says it doesn’t use all funds for ESG purposes it has already committed “to use all assets under management to advance the environmental agenda of reducing carbon emissions to ‘net zero.’”
The second category includes statements from BlackRock indicating that ESG-related investing brings positive financial results. Watson’s letter disputes this saying that is misleading “because the consideration of ESG factors does not provide an indication of better financial returns or current or future risk profiles.”
BlackRock has <a href="https://www.washingtonexaminer.com/policy/finance-and-economy/2941273/mississippi-slaps-blackrock-cease-and-desist-order-esg/" target="_blank" rel="noopener">responded</a> to the letter, saying that Mississippi&#8217;s allegations against it were untrue. 
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“Many policymakers and government officials have ideas on how we should invest our clients’ assets,” BlackRock said. “We are always bound to invest consistent with our clients’ choices, their best financial interests, and applicable law. Our only agenda is maximizing risk-adjusted returns for the funds our clients choose to invest in.”
BlackRock, headed up by CEO Larry Fink, has walked back from some of its climate commitments, but has still faced calls to fully abandon ESG policies. 
“Larry Fink and BlackRock continue to pretend that the only time they engage in ESG, it is with permission of the shareholders, but in reality, ESG policies have seeped into every facet of BlackRock&#8217;s asset management,” Will Hild of Consumers&#8217; Research said in a <a href="https://www.foxbusiness.com/politics/mississippi-hits-blackrock-with-cease-desist-threatens-massive-fine-over-esg-policies">statement</a> to FOX Business on Wednesday. “They&#8217;ve been lying to their customers, and states like Mississippi are not going to allow this to continue.”

Blackrock Posts 22 Percent Increase In Quarterly Profits

Mississippi May Issue BlackRock ‘Multimillion-Dollar’ Fine Over ESG Investing Policies

Climate Change

Investors

Mississippi

The <a href="https://www.dailywire.com/topic/texas" target="_blank" rel="noopener">Texas</a> Permanent School Fund (PSF) opted on Tuesday to terminate an $8.5 billion investment with <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> Inc., with one official citing the financial asset manager&#8217;s support of environmental, social, and governance (ESG) proposals.
State Board of Education Chairman Aaron Kinsey said in a <a href="https://twitter.com/AaronKinseyTX/status/1770090460935020835" target="_blank" rel="noopener">statement</a> that PSF&#8217;s &#8220;relationship with BlackRock was not in compliance&#8221; with <a href="https://www.texastribune.org/2021/05/03/texas-house-fossil-fuel-oil-divest/" target="_blank" rel="noopener">legislation</a> enacted in <a href="https://capitol.texas.gov/BillLookup/history.aspx?LegSess=87R&amp;Bill=SB13" target="_blank" rel="noopener">2021</a> that &#8220;prohibits state investment in companies like BlackRock that boycott energy companies.&#8221;
PSF &#8220;has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office,&#8221; Kinsey said, adding that terminating BlackRock&#8217;s contract &#8220;ensures PSF’s full compliance with Texas law.&#8221;
BlackRock, which boasts trillions of dollars in assets, endured <a href="https://www.atr.org/esgradar/" target="_blank" rel="noopener">divestments</a> by other GOP-led states amid objections over its <a href="https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-engprinciples-global-summary.pdf" target="_blank" rel="noopener">push for ESG</a> that critics view as being part of a <a href="https://www.cnn.com/2024/03/17/politics/dark-money-fga-ashcroft-invs/index.html" target="_blank" rel="noopener">&#8220;woke&#8221; agenda</a>. But the company has <a href="https://www.axios.com/2023/08/23/esg-blackrock-shareholders" target="_blank" rel="noopener">pared back support</a> for ESG proposals while <a href="https://www.dailywire.com/news/blackrock-admits-its-bottom-line-could-be-hurt-by-esg-investing" target="_blank" rel="noopener">acknowledging</a> such investments could hurt its bottom line.
In a <a href="https://twitter.com/bradj_TX/status/1770120206750204008" target="_blank" rel="noopener">statement</a>, BlackRock said it is &#8220;helping millions of Texans invest and save for retirement.&#8221; It added, &#8220;On behalf of our clients, we&#8217;ve invested more than $300 billion in Texas-based companies, infrastructure and municipalities, including $125 billion invested in the energy sector, including a $550 million joint venture with Occidental. We recently hosted an energy summit in Houston designed to explore how to strengthen Texas’ power grid.&#8221;
A <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">letter</a> that PSF sent to BlackRock, a copy of which was <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">posted to X</a> by a reporter with The Texan, said the termination of the contract was effective on April 30 and noted requests for the company to &#8220;cooperate&#8221; in transitioning assets to a successor manager and work in &#8220;good faith&#8221; to determine and execute &#8220;the most efficient and cost-effective transition plan for the assets.&#8221;
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Kinsey said BlackRock’s &#8220;dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil &amp; gas economy and the very companies that generate revenues for our PSF. Texas and the PSF have worked hard to grow this fund to build Texas’ schools. BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans.&#8221;
He added, &#8220;Today represents a major step forward for the Texas PSF and our state as a whole. The PSF will not stand idle as our financial future is attacked by Wall Street. This bold action helps ensure our PSF remains in fact permanent and will continue to support bright futures and opportunities for generations of Texas students.&#8221;

Larry Fink

Texas Schools Fund Moves To Pull $8.5 Billion Contract With BlackRock

Texas Schools Fund Moves To Pull Out Of $8.5 Billion BlackRock Contract

Education

finance

Texas

Financial asset manager <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> said in its annual report that environmental, social, and governance policies could hurt its bottom line after Republican state officials cut ties with the company over its ties to China and climate activism. 
In its annual Form 10-K <a href="https://www.sec.gov/Archives/edgar/data/1364742/000095017024019271/blk-20231231.htm#item_1a_risk_factors" target="_blank" rel="noopener">SEC filing</a> put out last week, BlackRock said that it was facing ESG-related risk factors that might cause it to lose revenue and damage its earnings. The financial giant, which has over $10 trillion in assets, has faced scrutiny from Republican officials who say the company misleads its customers about leftist policies. 
“If BlackRock is not able to successfully manage ESG-related expectations across varied stakeholder interests, it may adversely affect BlackRock’s reputation, ability to attract and retain clients, employees, shareholders and business partners or result in litigation, legal or governmental action, which may cause its AUM, revenue and earnings to decline,” the company wrote in its filing. 
The company said that this was due to having “clients who have a variety of goals and preferences, including those who want to increase their exposure to the low-carbon transition and those who choose not to invest in products or strategies with sustainable investment objectives.”
BlackRock said that there was risk because some of its clients wanted it to become more involved in promoting ESG investing, while others have cut off business because of its policies toward coal and natural gas. 
“Some US states and state officials have adopted or proposed legislation or otherwise have taken official positions restricting or prohibiting state government entities from doing certain business with entities identified by the state as ‘boycotting’ or ‘discriminating’ against particular industries or considering ESG factors in their investment processes and proxy voting,” the filing said. “Other states and localities may adopt similar legislation or other ESG-related laws and positions that adversely impact BlackRock’s business.”
The filing was cheered on by conservatives who said that it was only the beginning of pushback on ESG initiatives.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
This is enormous. The blowback to the ESG tyranny is only beginning. <a href="https://t.co/ZjSiSwrr43">https://t.co/ZjSiSwrr43</a>
&mdash; Ben Shapiro (@benshapiro) <a href="https://twitter.com/benshapiro/status/1763602148514799698?ref_src=twsrc%5Etfw">March 1, 2024</a></blockquote>
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&#8220;The hustlers &amp; radicals pushing ESG on American investors &amp; retirees are finally being exposed. But the battle is far from over because they are going to change tactics &amp; try to fly under the radar. Our policy responses will need to evolve,&#8221; Sen. Marco Rubio (R-FL) <a href="https://twitter.com/SenMarcoRubio/status/1763633618390294896" target="_blank" rel="noopener">said</a>.
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In recent years, a number of states, including Louisiana and West Virginia, have divested from BlackRock. As opposition grew, the company has backtracked on some of its policies, <a href="https://www.dailywire.com/news/financial-giants-pull-14-trillion-from-climate-group-that-pressures-companies-to-take-action-on-climate-change" target="_blank" rel="noopener">most recently</a> pulling out of Climate Action 100+, a group that pressures companies to “take action on climate change.” BlackRock International, a subsidiary, remained in the group.
Republican officials have also maintained pressure on the company, and 15 Republican attorneys general, led by Montana Attorney General Austin Knudsen, <a href="https://dw-wp-production.imgix.net/2024/02/Follow_up_letter_to_BlackRock_Directors_FINAL.pdf">demanded</a> more answers from BlackRock about its participation in climate organizations and what kind of environmental, social, and governance policies it has implemented.

BlackRock offices in New York City. Founded in 1988,

BlackRock Admits Its Bottom Line Could Be Hurt By ESG Investing

China

Environmentalism

Marco Rubio

Republican officials continued their probe of <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> this week, saying that the financial giant has not been forthcoming about how climate activists are shaping its policies, according to a letter first obtained by The Daily Wire.
In a <a href="https://dw-wp-production.imgix.net/2024/02/Follow_up_letter_to_BlackRock_Directors_FINAL.pdf" target="_blank" rel="noopener">letter</a> to BlackRock on Tuesday, 15 Republican attorneys general led by Montana Attorney General Austin Knudsen, demanded more answers from BlackRock about its participation in climate organizations and what kind of environmental, social, and governance policies it has implemented. BlackRock, which has over $10 trillion in assets, has faced scrutiny from Republicans over accusations that it prioritizes leftist activism over customer benefit.
“I have serious concerns about BlackRock’s Environmental, Social, and Governance investments, their conflicting statements regarding ESG, and the potential conflicts of interest with independent fund directors,” Knudsen told The Daily Wire. “Mutual fund directors have a fiduciary obligation to their clients to make them as much money as possible, but BlackRock appears to be more concerned with pushing the woke, liberal agenda.”
The 18-page letter raises concerns about conflicting statements made by BlackRock on ESG, BlackRock’s participation in leftist climate groups, and conflicts of interests.
BlackRock recently <a href="https://www.dailywire.com/news/financial-giants-pull-14-trillion-from-climate-group-that-pressures-companies-to-take-action-on-climate-change" target="_blank" rel="noopener">stepped away</a> from the Climate Action 100+ organization, but remains in other groups like the Net Zero Asset Managers initiative, the United Nations Principles for Responsible Investment, and Ceres. BlackRock International, a subsidiary, is still part of the Climate Action organization.
Knudson told The Daily Wire that while BlackRock “took a step in the right direction by dropping out Climate Action 100+ earlier this month, it’s not enough.”
“BlackRock has made commitments to environmental activist groups that may conflict with the fiduciary duties it owes to clients, and we seek more information about how the independent directors have overseen this,” the letter says. “Further, BlackRock’s relationships with certain large institutional clients, especially state pension funds, may unduly influence BlackRock’s overall approach to engaging with companies in which it invests, including investments that have disclaimed any reliance or focus on ESG factors.”
The Republicans AGs also say that BlackRock has made misleading statements about the motivations behind its ESG policies. Some comments from BlackRock indicate that it believes that ESG policies provide financial benefit are undercut by other statements that sustainability criteria don’t help assess the potential risk or reward of a fund, the letter notes.
“BlackRock’s claims that its focus on climate and ESG is motivated by concern about financial return are also undermined by the performance of its ESG-managed funds, which lag behind the performance of non-ESG benchmarks while charging higher fees,” the letter said.
Additionally, the letter raises concerns about the independence of mutual fund directors at BlackRock and whether they can be directors on other corporations where BlackRock controls significant shares.
“From a conflict-of-interest perspective, there is a clear risk that service on a public company board creates a dynamic where the director will be hesitant to offend or anger BlackRock, when BlackRock manages, votes, and controls significant shares in that public company,” the letter says.
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In addition to Montana, Alabama, Arkansas, Georgia, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nebraska, South Carolina, South Dakota, Texas, Virginia, West Virginia, and Utah all signed on to the letter.
&#8220;Thanks to persistent efforts from Republican attorneys general to defeat the radical and illegal ESG movement, BlackRock and other investment firms have rightly withdrawn from certain environmental organizations committed to a foundational transformation of America&#8217;s energy and financial sectors,&#8221; Utah AG Sean Reyes told The Daily Wire. &#8220;Our coalition, however, still has concerns with BlackRock&#8217;s past and present actions involving the financial interests of our constituents. We will remain steadfast in holding BlackRock and others like it accountable by protecting the financial freedom of our people.&#8221;
The Republicans previously wrote to BlackRock in July voicing many of the same concerns and received a reply in August. They said that August&#8217;s reply did not sufficiently answer their questions or concerns about ESG investing. Tennessee <a href="https://www.dailywire.com/news/tennessee-attorney-general-sues-blackrock-for-misleading-investors-about-esg-agenda" target="_blank" rel="noopener">sued</a> BlackRock in December, saying that firm violated consumer protection laws by misleading consumers about its attempt to pursue left-wing social and environmental goals.

EXCLUSIVE: Republican Officials Demand Answers On BlackRock’s ‘Woke’ Climate Agenda

Business

Environmentalists

Montana

Financial giants JPMorgan and State Street announced this week that they were leaving the Climate Action 100+ organization, an investors group that pushes ESG initiatives and controls about $68 trillion in assets. 
Black Rock, the world’s largest asset manager, also announced that it would be pulling some investment away from Climate Action, <a href="https://www.nytimes.com/2024/02/16/business/dealbook/wall-streets-climate-retreat.html" target="_blank" rel="noopener">meaning</a> that the total investment value lost by the group is around $14 trillion. The moves were praised by Republicans, who have said that companies engaging in ESG initiatives harm the economy and use customers&#8217; money for political purposes. 
State Street said Climate Action 100+ requirements were no longer in line with company policy. “SSGA has concluded the enhanced Climate Action 100+ phase 2 requirements for signatories are not consistent with our independent approach to proxy voting and portfolio company engagement,” State Street <a href="https://www.ft.com/content/3ce06a6f-f0e3-4f70-a078-82a6c265ddc2" target="_blank" rel="noopener">told</a> The Financial Times. 
JPMorgan said that it was making the move because it doesn’t have to rely on Climate Action 100+ anymore. “Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements,&#8221; the group said.
Climate Action, formed in 2017, <a href="https://www.climateaction100.org/approach/business-case/" target="_blank" rel="noopener">says</a> that it has over 700 investors who engage  “companies on improving climate change governance, cutting emissions and strengthening climate-related financial disclosure” and pushing the world’s biggest companies “take necessary action on climate change.”
House Judiciary Chair Jim Jordan praised the news and urged Black Rock to disengage from Climate Action. &#8220;Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions.&#8221;
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Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions. <a href="https://t.co/PT3LlDjMSa">https://t.co/PT3LlDjMSa</a>
&mdash; Rep. Jim Jordan (@Jim_Jordan) <a href="https://twitter.com/Jim_Jordan/status/1758156354538131807?ref_src=twsrc%5Etfw">February 15, 2024</a></blockquote>
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West Virginia State Treasurer Riley Moore, a frequent critic of ESG policies, also <a href="https://www.wvtreasury.com/About-The-Office/Press-Releases/ID/594/Treasurer-Moore-Commends-State-Street-JPMorgan-for-Withdrawing-from-International-Climate-Group" target="_blank" rel="noopener">praised</a> the decision from JPMorgan and State Street. Moore previously cut ties with Black Rock over their policies toward coal and natural gas. 
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“This is a step in the right direction and significant victory in our states’ fight against the international corporate collusion targeting the coal, oil and natural gas industries,” Treasurer Moore said. “West Virginia and our coalition of states have been fighting for years against these efforts to boycott and curtail capital to our critical energy industries and diminish important economic activity and revenue for our states. This is a sign our efforts are making an impact.”
A coalition of Republican attorneys general <a href="https://ago.wv.gov/Documents/2023-03-30%20Asset%20Manager%20letter%20Press%20FINAL.pdf" target="_blank" rel="noopener">previously wrote</a> to financial asset managers about their involvement with Climate Action warning them about using American’s savings to “push political goals.”

Climate Activists Mark 10 Years Since Hurricane Sandy In New York

Financial Giants Pull $14 Trillion From Climate Group That Pressures Companies To Take ‘Action On Climate Change’

Jim Jordan

JP Morgan

Tennessee Attorney General Jonathan Skrmetti <a href="https://www.tn.gov/attorneygeneral/news/2023/12/18/pr23-59.html">filed a lawsuit</a> on Monday against BlackRock, the world’s largest asset manager, alleging that the firm violated consumer protection laws by misleading consumers about its attempt to pursue leftwing social and environmental goals.
The lawsuit hones in on BlackRock’s Environmental, Social, and Governance (ESG) initiatives, alleging that consumers were deprived of the ability to accurately assess the financial giant’s objectives.
“We allege that BlackRock’s inconsistent statements about its investment strategies deprived consumers of the ability to make an informed choice,” Skrmetti said. “I want to make certain that corporations, no matter their size, treat Tennessee consumers fairly and honestly.”
Tennessee&#8217;s lawsuit comes as numerous Republican-led states have <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year">divested</a> from BlackRock, citing concerns with the asset management firm’s fixation on ESG. Skrmetti <a href="https://www.chattanoogan.com/2023/4/10/467148/Attorney-General-Skrmetti-Joins.aspx">joined a coalition</a> of 20 other state AGs who warned BlackRock, among other asset managers, of the potential conflicts between its fiduciary duties and political agenda earlier this year.
The new lawsuit contends that the asset manager misled consumers “about the scope and effects of its widespread ESG activity,” and points to an interview with BlackRock CEO Larry Fink in which he said, “Everything we do is on behalf of our clients, and everything we do is with the purpose of financial returns.”
“There is not one thing we have ever done, whether it’s ESG or any other issue, is … in the pursuit of financial return. That is our fiduciary responsibility, and we live that every day,” Find said
But while Fink assured customers that BlackRock was upholding its fiduciary duty, the suit points out that the colossal asset management firm, which controls over $9 trillion in assets, is a part of environmentally-focused coalitions that affect clients’ assets. It specifically names two ESG coalitions that BlackRock joined, the Net Zero Asset Managers Initiative and Climate Action 100+, and asserts that membership in both organizations is <a href="https://perma.cc/7MAX-HUAT">contingent</a> on “lobbying, engagement, voting on shareholder proposals, and managing assets with the goal of achieving ‘net zero’ by 2050.”
The lawsuit clarifies that “BlackRock’s continued membership necessitates BlackRock’s commitment to pushing aggressive carbon-reduction strategies across all assets under management” and that, rather than risk negative publicity by exiting these organizations, the firm is instead “deceiving consumers about the company’s extensive commitment to fulfilling ESG aims.”
The suit goes on to directly allege that BlackRock “has falsely conveyed that certain of its funds do not incorporate ESG considerations.” It specifies that, while BlackRock states that its non-ESG funds aren’t intended to “follow a sustainable, impact, or ESG investment strategy,” the company agreed to a “stewardship and engagement strategy, with a clear escalation and voting policy, that is consistent with  [the] ambition for all assets under management to achieve net zero emissions” by virtue of its membership with the Net Zero Asset Managers Initiative.
“BlackRock’s disclosures do not mention such promises” Skrmetti’s office notes before asserting “Tennessee consumers deserve to know which of BlackRock’s statements are a true account of the company’s decision-making.” His office also specified that the lawsuit seeks “injunctive relief, civil penalties, and recoupment of the State’s costs.”

BlackRock logo

Tennessee Attorney General Sues BlackRock For Misleading Investors About ESG Agenda

BlackRock CEO Larry Fink, whose company’s woke positions have alienated conservative states across the U.S., reportedly admitted that Florida GOP governor Ron DeSantis did damage to his firm when DeSantis pulled $2 billion in assets managed by BlackRock from the firm in 2022.
“In a conversation at the Aspen Ideas Festival on Sunday, Fink acknowledged that Florida Gov. Ron DeSantis’ decision to pull $2 billion in assets hurt his firm in 2022,” Axios <a href="https://www.axios.com/2023/06/26/larry-fink-ashamed-esg-weaponized-desantis" target="_blank" rel="noopener">reported</a> Sunday.
In early December 2022, Florida Chief Financial Officer Jimmy Patronis announced the pullback from BlackRock. The previous August, DeSantis joined the other trustees of Florida’s Board of Administration (SBA) to pass a resolution directing the state of Florida’s fund managers to invest state funds without considering the ideological agenda of the environmental, social, and corporate governance (ESG) movement.
“The tax dollars and proxy votes of the people of Florida will no longer be commandeered by Wall Street financial firms and used to implement policies through the board room that Floridians reject at the ballot box,” DeSantis <a href="https://www.flgov.com/2022/08/23/governor-ron-desantis-eliminates-esg-considerations-from-state-pension-investments/" target="_blank" rel="noopener">stated</a>. “We are reasserting the authority of republican governance over corporate dominance and we are prioritizing the financial security of the people of Florida over whimsical notions of a utopian tomorrow.”
BlackRock <a href="https://www.usatoday.com/story/money/2022/12/01/florida-desantis-blackrock-esg-woke/10812382002/" target="_blank" rel="noopener">attacked</a> DeSantis and his state in a statement saying, “As a fiduciary, everything we do is with the sole goal of driving returns for our clients. &#8230; We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida’s citizens.”
South Carolina, Louisiana, and Missouri also pulled funds from BlackRock in 2022. Louisiana State Treasurer John Schroder <a href="https://www.dailywire.com/news/south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year" target="_blank" rel="noopener">said</a>, “In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana. I cannot support an institution that would deny our state the benefit of one of its most robust assets. Simply put, we cannot be party to the crippling of our own economy.”
Axios reported that Fink said he would not use the term “ESG” (environmental, social, and governance) in the future because it was being politically “weaponized.” Fink added, “I&#8217;m ashamed of being part of this conversation. When I write these [investment] letters, it was never meant to be a political statement. … They were written to identify long-term issues to our long-term investors.”
But when Axios pressed him on the issue, Fink reportedly reversed himself, declaring, “I never said I was ashamed. I&#8217;m not ashamed. I do believe in conscientious capitalism.”
In October 2022, BlackRock was downgraded by UBS analyst Brennan Hawken, which slashed the target stock price from $700 to $585, according to a <a href="https://www.barrons.com/articles/blackrock-stock-esg-downgrade-risks-51665504907" target="_blank" rel="noopener">report</a> from Barron’s. “We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” Hawken stated.

Collage Maker-26-Jun-2023-11-15-AM-6100

Woke BlackRock CEO Admits DeSantis Hurt BlackRock When He Pulled $2 Billion In Funds

Ron DeSantis

Independent journalist <a href="https://www.dailywire.com/topic/james-okeefe" target="_blank" rel="noopener">James O&#8217;Keefe</a> dropped a bombshell video on BlackRock Inc. — a prominent investment management and financial services firm — revealing just how broad the company&#8217;s impact might be.
A journalist working for the <a href="https://okeefemediagroup.com/breaking-blackrock-recruiter-who-decides-peoples-fate-says-war-is-good-for-business-while-spilling-info-on-asset-giant/" target="_blank" rel="noopener">O&#8217;Keefe Media Group</a> (OMG) spoke with BlackRock recruiter Serge Varlay — who told her that because of the vast sums of money the company controls in the global market, they can essentially &#8220;run the world.&#8221; He began with a caveat, noting that BlackRock did not necessarily want people to notice what they were doing.
&#8220;They don&#8217;t want to be in the news. They don&#8217;t want people to talk about them. They don’t want to be anywhere on the radar,&#8221; he said, and when the journalist asked him why, he paused. &#8220;I don&#8217;t know, but I suspect it&#8217;s because it&#8217;s easier to do things when people aren&#8217;t thinking about it.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BREAKING: <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw">@BlackRock</a> Recruiter Who “Decides People’s Fate” Spills Info on Company’s World Impact
“It’s not who the president is- it’s who’s controlling the wallet of the president”
“You got $10K? You can buy a senator&quot;
“War is real f***ing good for business” <a href="https://twitter.com/hashtag/BlackRockExposed?src=hash&amp;ref_src=twsrc%5Etfw">#BlackRockExposed</a> <a href="https://t.co/DZIy1DuZKF">pic.twitter.com/DZIy1DuZKF</a>
&mdash; James O&#39;Keefe (@JamesOKeefeIII) <a href="https://twitter.com/JamesOKeefeIII/status/1671262303319392259?ref_src=twsrc%5Etfw">June 20, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Varlay went on to explain that while BlackRock might be one of the biggest players, the asset management firm was not the only game in town.
&#8220;All of these financial institutions, they buy politicians,&#8221; he said. &#8220;You can take this big f*** ton of money and buy people … It’s not who is the president, it’s who is controlling the wallet of the president. You could buy your candidates. First, there is the senators, these guys are f***ing cheap. Got 10 grand? You can buy a senator. I’ll give you 500k right now &#8230; It doesn’t matter who wins, they’re in my pocket.&#8221;
In another segment of the video, Varlay discussed the ongoing war between Russia and Ukraine — but strictly from a financial perspective.
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&#8220;Ukraine is good for business, you know that right? Russia blows up Ukraine’s grain silos and the price of wheat is going to go mad up. The Ukrainian economy is tied very largely to the wheat market. The price of bread, literally everything goes up and down, this is fantastic if you’re trading,&#8221; Varlay continued, adding, &#8220;Volatility creates opportunity to make profit. War is real f***ing good for business. It&#8217;s exciting when s*** goes wrong, right?&#8221;
Varlay said several times that there were other financial institutions taking similar steps to &#8220;buy politicians&#8221; and influence the global markets, but that the sheer volume of capital that BlackRock was controlling made the company even more formidable.
&#8220;BlackRock manages $20 trillion. It&#8217;s incomprehensible numbers,&#8221; he said.

BlackRock Gets $146 Billion Of Fresh Cash After Market Rout

James O’Keefe Drops Bombshell Video On BlackRock: ‘You Got $10k? You Can Buy A Senator’

James O'Keefe Drops Bombshell Video On BlackRock: 'You Got $10k? You Can Buy A Senator'

General

James O'Keefe

Money In Politics

Presidency

Senate

Corporations have allowed <a href="https://www.dailywire.com/news/ben-shapiro-what-intersectionality-jacob-airey" target="_blank" rel="noopener">intersectionality</a> to destroy their brands because of pressure to follow woke environmental, social, and corporate governance (ESG) guidance coming from investment giants like BlackRock, Daily Wire Editor Emeritus <a href="https://www.dailywire.com/author/ben-shapiro" target="_blank" rel="noopener">Ben Shapiro</a> said. 
Shapiro, a co-founder of The Daily Wire, said on his <a href="https://www.dailywire.com/episode/ep-1742-get-approved-for-testicle-removal-in-22-minutes-or-less-8" target="_blank" rel="noopener">Thursday podcast</a> that brands like Bud Light engaged in seemingly self-destructive marketing because of woke policies being pushed from above. The <a href="https://www.dailywire.com/news/another-hit-bud-light-manufacturer-settles-with-epa-over-alleged-environmental-violations" target="_blank" rel="noopener">financial woes of Anheuser-Busch</a> beer brand Bud Light followed a disastrous partnership with transgender-identifying activist Dylan Mulvaney. 
“And you wonder why brands decide to do this,” Shapiro said. “The answer, of course, as we&#8217;ve discussed, is because BlackRock, State Street, Vanguard, they all basically mandate their brands, engage in this sort of crap through environmental, social governance standards. And it&#8217;s only that which is forced corporations to engage in this sort of absolutely suicidal stupidity.&#8221;
Shapiro made the comments while discussing a new report that said that Bud Light sales had fallen 24% in the week ending on May 27, compared to the previous year. Sales of Bud Light have plummeted after it promoted a partnership with Mulvaney on April 1. The Mulvaney partnership earned the ire of many conservatives, many of who encouraged a boycott of the beer brand. 
“Bud Light had better reverse the decline soon if it hopes to retain shelf space at retailers, because if you walk into pretty much any grocery store in America that sells liquor, what you&#8217;ll see is that there&#8217;s a lot of Bud Light on the shelves,” Shapiro explained. “People just aren&#8217;t buying it. Meanwhile, Dylan Mulvaney is making bank.&#8221;
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Mulvaney has said in recent days that more corporations should partner with transgender-identifying individuals. 
&#8220;If a brand wants to work with me so bad, then they should work with other trans people, too. It&#8217;s not enough to just hire me, this white, skinny trans girl. I want all the dolls getting all the brand deals,” Mulvaney <a href="https://www.dailywire.com/news/dylan-mulvaney-urges-more-brands-to-partner-with-trans-people-even-after-bud-light-debacle" target="_blank" rel="noopener">told</a> the media outlet Them. 
Despite the Mulvaney backlash, Bud Light has <a href="https://www.dailywire.com/news/bud-light-to-sponsor-pride-parades-despite-ongoing-boycott" target="_blank" rel="noopener">continued to sponsor</a> Pride events around the country. 
Bud Light is <a href="https://archive.ph/6SSZF" target="_blank" rel="noopener">listed</a> as a sponsor on the <a href="https://www.cincinnatipride.org/our-sponsors.html">Cincinnati Pride Parade</a> website. Planned Parenthood and the Cincinnati Children’s Hospital, which <a href="https://www.cincinnatichildrens.org/service/a/adolescent-medicine/programs/transgender/faq" target="_blank" rel="noopener">medically transitions minors</a>, are both also listed. Meanwhile, in St. Louis, Missouri, where Anheuser-Busch is headquartered, the company is <a href="https://archive.ph/5xuUC" target="_blank" rel="noopener">listed</a> as the <a href="https://www.pridestl.org/sponsors" target="_blank" rel="noopener">presenting sponsor</a> of the St. Louis Pride Parade.

“Parade” Broadway Opening Night

Ben Shapiro Explains Why Corporate Brands Let Themselves Be Ruined By Intersectionality

Ben Shapiro

Bud Light

Dylan Mulvaney

Intersectionality

Seventeen <a href="https://www.dailywire.com/topic/republican-party" target="_blank" rel="noopener">Republican</a> attorneys general contended that <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> should be barred from investing in public <a href="http://dailywire.com/topic/energy" target="_blank" rel="noopener">utilities</a> because of the asset management company’s support of the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>.
The complaint filed with the Federal Energy Regulation Commission and shared with The Daily Wire on Wednesday seeks to remove the firm’s blanket authorization to purchase large shares in utility companies. BlackRock has stated that the firm acts as a “passive” and “non-controlling investor” despite efforts to emphasize renewable power objectives among portfolio companies.
“Maybe BlackRock was a passive investor ten years ago, but today it’s an environmental activist,” the complaint said, referencing the firm’s membership in the Net Zero Asset Managers initiative and other moves to prompt portfolio companies toward eliminating carbon emissions. “Pursuant to its membership in several horizontal associations, BlackRock aims to pressure or force utility companies to phase out traditional energy investment.”
The move from the state attorneys general is among several from Republican officials concerned with the ESG movement, a philosophy that skeptics say mingles political causes with core business objectives in a manner that compromises or distracts from profitability. With respect to public utilities such as electricity, critics of the ESG movement assert that climate objectives artificially increase prices as firms distance themselves from fossil fuels.
“This is yet another example of radical leftists trying to circumvent the will of the American people in order to implement their draconian mandates,” Indiana Attorney General Todd Rokita, who initiated the complaint, said in a statement provided to The Daily Wire. “The restrictions these elitists are trying to impose on energy companies and utilities would never win approval at the ballot box. The public interest is served when investment companies build their business models on maximizing financial returns for clients. Conversely, the public interest is hijacked when these companies subjugate clients’ financial interests to leftist fever dreams.”
BlackRock CEO Larry Fink said in his most recent shareholder <a href="https://www.dailywire.com/news/climate-risk-is-investment-risk-blackrock-ceo-tells-corporate-america" target="_blank" rel="noopener">letter</a> that the company desires to “provide insights into how a changing climate” and the transition toward renewables may impact portfolios over time. BlackRock has taken “voting action on climate issues” against dozens of portfolio companies, according to an investment stewardship <a href="https://www.blackrock.com/corporate/literature/publication/our-commitment-to-sustainability-full-report.pdf" target="_blank" rel="noopener">report</a>.
Republican attorneys general filed a similar <a href="https://www.dailywire.com/news/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues" target="_blank" rel="noopener">motion</a> with the Federal Energy Regulatory Commission last year against asset management behemoth Vanguard, after which the firm ended its association with the Net Zero Asset Managers initiative. The company nevertheless told clients that the move “will not affect our commitment to helping our investors navigate the risks that climate change can pose to their long-term returns.”
BlackRock and Vanguard, along with fellow asset management firm State Street, maintain an <a href="https://www.dailywire.com/news/how-three-investment-firms-are-turning-companies-like-disney-woke-and-what-you-can-do-to-fight-back" target="_blank" rel="noopener">average</a> combined 20% stake in every Fortune 500 company.
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Even as the ESG movement is slated to become a prevalent issue in the upcoming presidential election, especially in the Republican primary contest, one recent <a href="https://www.dailywire.com/news/most-voters-still-do-not-know-what-esg-is-poll" target="_blank" rel="noopener">survey</a> from Harvard University’s Center for American Political Studies and The Harris Poll found that 64% of respondents have not heard of the investment philosophy, although most voters agreed that investors should consider maximizing returns above other objectives.

BlackRock Should Lose Permission To Invest In Utilities Because Of ESG Pushes, Republican AGs Say

Republican AGs Argue BlackRock Should Lose Permission To Invest In Utilities Because Of ESG Pushes

Energy

Politics

Republicans

The state of <a href="http://dailywire.com/topic/oklahoma" target="_blank" rel="noopener">Oklahoma</a> banned more than one dozen <a href="http://dailywire.com/topic/wall-street" target="_blank" rel="noopener">investment</a> and asset management <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">firms</a>, including <a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> and <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a>, from conducting business with state government entities over alleged efforts to boycott <a href="http://dailywire.com/topic-oil-and-gas" target="_blank" rel="noopener">energy</a> companies.
Recently enacted legislation enabled Oklahoma Republican State Treasurer Todd Russ to create a list of firms deemed on Wednesday to be engaged in an energy company boycott, defined by the <a href="http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20ENR/hB/HB2034%20ENR.PDF" target="_blank" rel="noopener">law</a> as “refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize” fossil fuel companies “without an ordinary business purpose.” Companies from which state entities are now expected to divest funds also include Bank of America, State Street, and Climate First Bank.
&#8220;The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth. It is essential for us to work with financial institutions that are focused on free-market principles and not beholden to social goals that override their fiduciary duties,” Russ told The Daily Wire. “Our state&#8217;s financial partnerships should reflect our priorities and values, and it is our responsibility to partner with companies that share our vision for a strong and prosperous Oklahoma economy, and that includes our energy sector.”
The move from Oklahoma officials is the latest effort among conservative states to distance themselves from firms involved in the environmental, social, and corporate governance movement, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>, a philosophy that skeptics say mingles political causes with core business objectives in a manner that compromises or distracts from profitability.
Several firms supportive of the ESG movement have discouraged portfolio companies from involving themselves with initiatives that rely upon fossil fuels: BlackRock CEO Larry Fink said in his most recent annual <a href="https://www.dailywire.com/news/climate-risk-is-investment-risk-blackrock-ceo-tells-corporate-america" target="_blank" rel="noopener">letter</a> to investors that “climate risk” is an “investment risk,” while JPMorgan Chase CEO Jamie Dimon said in his annual shareholder <a href="https://www.dailywire.com/news/jpmorgan-chase-ceo-suggests-seizing-private-property-to-build-more-solar-farms" target="_blank" rel="noopener">letter</a> that the government should consider using eminent domain, the power to seize private land for public use, as one possible mechanism to accelerate the development of green energy resources.
State officials <a href="https://www.dailywire.com/news/states-have-pulled-nearly-12-billion-from-blackrock-this-year" target="_blank" rel="noopener">divested</a> some $12 billion from BlackRock last year, constituting a small fraction of the $9 trillion <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2023/Q1/BLK-1Q23-Earnings-Release.pdf" target="_blank" rel="noopener">managed</a> by the company even as broader market forces react against the ESG movement. The officials likewise recently called on the Federal Energy Regulatory Commission to prohibit Vanguard, another prominent asset management company, from purchasing shares in publicly traded utilities out of a concern that the firm’s climate activism would raise prices and decrease energy reliability across the nation. Vanguard subsequently <a href="https://www.dailywire.com/news/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues" target="_blank" rel="noopener">ceased</a> participation in the Net Zero Asset Managers initiative, under which companies <a href="https://www.netzeroassetmanagers.org/" target="_blank" rel="noopener">commit</a> to seeking “net zero greenhouse gas emissions by 2050 or sooner” using investment funds.
Increased economic tumult has heightened skepticism toward the ESG movement among some managers and investors. ESG funds <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">suffered</a> amid last year’s underperformance among technology firms, which ESG investors tend to favor because of their emphasis on corporate social responsibility, and overperformance among energy companies, which ESG managers tend to disdain because of their dislike for industries with heavy carbon emissions.
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Republican presidential candidates are expected to make the ESG movement a central issue in the upcoming primary election. One recent <a href="https://www.dailywire.com/news/most-voters-still-do-not-know-what-esg-is-poll" target="_blank" rel="noopener">survey</a> from Harvard University’s Center for American Political Studies and The Harris Poll found that 64% of respondents have not heard of the investment philosophy, even as most voters agreed that investors should consider returns above other objectives. 56% of respondents backed a <a href="https://www.dailywire.com/news/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money" target="_blank" rel="noopener">decision</a> from Texas lawmakers to blacklist “financial companies for allegedly using ESG considerations,” a policy that could force state pensions and other public entities to sell their shares.

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