President Donald Trump doesn&#8217;t usually heap praise on people who question capitalism and champion carbon reduction efforts.
Larry Fink seems to be the exception.
“Everything Larry touches turns to gold,” Trump said of the BlackRock CEO during his Wednesday speech at the World Economic Forum. “He made this [forum] very successful.”
At first glance, it&#8217;s not shocking to hear Trump praise Fink. BlackRock was first in line to help President Trump reclaim the Panama Canal, with Fink spearheading the effort himself. And Trump is reportedly considering BlackRock executive Rick Rieder to replace Federal Reserve Chairman Jerome Powell.
But Trump&#8217;s affinity for Fink is curious considering the investment titan&#8217;s history of supporting exactly the kind of &#8220;woke&#8221; initiatives the Trump administration opposes.
At the 2020 World Economic Forum, Fink took the stage draped in a scarf stitched with a graphic depicting rising global temperatures over the previous 150 years. He warned that climate change posed an imminent threat to the world and the global financial system. 
That message carried into BlackRock’s corporate strategy. In his 2020 annual letter to shareholders, Fink said the world was on the brink of a “fundamental reshaping of finance,” insisting that “every government, company, and shareholder must confront climate change.”
“Behaviors are going to have to change,” Fink said at the time. “You have to force behaviors, and at BlackRock, we are forcing behaviors.” 
That leverage, Fink explained, came through voting power. 
“I have only one power,” he said. “And I’m going to use that power heavily and that is the power of the vote.” 
By managing trillions of dollars in passive retirement and index funds, BlackRock holds outsized ownership stakes across corporate America, giving the firm extraordinary influence over company policies regardless of whether individual investors or voters consent. 
In his 2021 letter to shareholders, he asked companies to issue “sustainability reports” detailing not only environmental risks but internal workforce policies. 
“As you issue sustainability reports, we ask that your disclosures on talent strategy fully reflect your long-term plans to improve diversity, equity, and inclusion, as appropriate by region,” he said. “We hold ourselves to this same standard.”
He also cautioned companies against drawing “stark lines’ within Environmental, Social and Governance (ESG) frameworks, arguing that issues like climate change and racial inequality are interconnected. 
“Questions of racial justice, economic inequality, or community engagement are often classed as an &#8216;S&#8217; issue in ESG conversations. But it is misguided to draw such stark lines between these categories. For example, climate change is already having a disproportionate impact on low-income communities around the world – is that an E or an S issue? What matters is less the category we place these questions in, but the information we have to understand them and how they interact with each other. Improved data and disclosures will help us better understand the deep interdependence between environmental and social issues.” 
Then came the pivot. 
In 2024, Fink stunned the financial world by signaling political indifference. He said it “really doesn’t matter” who won the presidential race, arguing that both Donald Trump and Kamala Harris would be “good for Wall Street.” 
“At BlackRock, we work with both administrations,&#8221; Fink said, adding that the firm was in discussions with both candidates. 
Once Trump returned to office, the sense of urgency around climate change appeared to evaporate. By 2025, references to climate change and DEI had vanished entirely from Fink’s annual shareholder letter. In their place was a call for a large-scale investment in nuclear energy. “Wind and solar alone can’t reliably keep the lights on,” Fink wrote. 
Yet even as Fink appears aligned with Trump, some Republicans remain unconvinced that Fink has fully abandoned his old ways. The White House is reportedly mulling over an executive order that would limit how passive index fund managers like BlackRock participate in shareholder votes. And Rep. Marlin Stutzman (R-IN) has suggested Congress may need to limit BlackRock’s voting power.
“Congress is going to have to play a role to ensure the big three passive firms — BlackRock, Vanguard, and State Street—stop playing politics,” he said. 
Securities and Exchange Commission Chairman Paul Atkins echoed the warning, signaling that regulators are prepared to rein in large institutional asset managers that “get out of line.” 
“There are two schools of thought within the GOP on BlackRock,” Vice President JD Vance <a href="https://x.com/JDVance/status/1665705692462825475">said</a> in 2023. “The old guard thinks they’re creating value and need to be rewarded with tax cuts. I think they&#8217;re destroying value and are engaged in illegal and immoral conduct.” 
It remains unclear which school of thought will win out in the GOP. For now, Fink seems firmly in Trump&#8217;s good graces. But just days before Trump extolled him at Davos, the president&#8217;s modern-day Midas offered a glimpse of the old Larry Fink.
“Since the fall of the Berlin Wall, more wealth has been created than at any time prior in human history,&#8221; Fink said in his speech kicking off the World Economic Forum. &#8220;But in advanced economies, that wealth has accrued to a far narrower share of people than any healthy society can ultimately sustain.”

U.S. President Trump Attends World Economic Forum In Davos

Larry Fink Led The Charge For Woke Capital. Why Does Trump Love Him So Much?

BlackRock

Donald Trump

Larry Fink

Wokeness

The retirement savings of millions of federal workers are being weaponized to push climate change and DEI mandates, a watchdog warned lawmakers. 
Financial asset giants BlackRock and State Street are leveraging their management over billions of dollars in federal employees’ retirement savings to push left-wing politics, according to a Monday <a href="https://dw-wp-production.imgix.net/2025/09/Hild-Letter-to-SCHSGA-and-HCOGR-RE-TSP.pdf">letter</a> to top Republican lawmakers from Consumers’ Research obtained by The Daily Wire. The pair manages around $668 billion in federal retirement savings through the Thrift Savings Plan, the federal government’s version of a 401(k) plan. 
“Asset managers like BlackRock using Americans’ hard-earned money to unfairly and illegally push radical political agendas without consent is hardly a new problem, but their control of most of the Thrift Savings Plan takes the scandal to a new level,” Consumers’ Research executive director Will Hild told The Daily Wire. “Flagrantly violating fiduciary duty with federal employee dollars begs for congressional scrutiny and more.”
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The letter was sent to House Committee on Oversight and Government Reform Chair James Comer (R-KY) and Senate Committee on Homeland Security and Governmental Affairs Chair Rand Paul (R-KY). It requested that the lawmakers investigate the Federal Retirement Thrift Investment Board (FRTIB), the agency that administers the Thrift Savings Plan program. 
The letter says that the agency “has contracted with asset managers and proxy advisors that have pursued goals to impose emissions reductions and diversity quotas on companies, rather than focus solely on financial returns as required” by federal law. 
“Examples of BlackRock’s and State Street’s harmful conduct include: (1) using proxy voting power to push companies to adopt emissions targets; (2) maintaining commitments to climate-activist organizations in pursuit of Paris Agreement goals; (3) using internal proxy-voting guidelines that require using engagement and voting to pressure companies to align with net zero; (4) using pension fund assets to advance a net-zero agenda; and (5) succumbing to activist pressure to join climate groups and change their proxy voting to support activist proposals,” Hild wrote in the letter. 
An example of political policies being pushed by BlackRock included <a href="https://www.blackrock.com/corporate/literature/publication/annual-stewardship-report-2024.pdf">voting</a> in 2024 for a shareholder proposal to require Cracker Barrel to establish and publish greenhouse gas emissions targets. It backed similar proposals for companies like Jack in the Box, Wingstop, and Denny’s. 
Hild cited previous <a href="https://web.archive.org/web/20241226122512/https:/www.ssga.com/library-content/assets/pdf/global/asset-stewardship/proxy-voting-and-engagement-policy.pdf">policies</a> by State Street to generally oppose company boards that are not “composed of at least 30-percent female directors” and “at least one director from an underrepresented racial/ethnic community.”
In recent years, BlackRock has <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing">backed away</a> from some of its more recent pushes for activist investing after widespread backlash. In April 2024, the Committee to Unleash Prosperity gave BlackRock a &#8220;B&#8221; for its voting record on &#8220;extreme&#8221; shareholder proposals, up from a &#8220;C&#8221; the previous year. The same report grades State Street as a &#8220;C.&#8221;
&#8220;BlackRock’s CEO, Larry Fink, had been one of the leading voices in support of ESG a few years ago. But last year, under pressure from groups like ours and others, he began to retreat from its ESG advocacy on proxy voting as shareholder proposals have become more extreme,&#8221; the report found.
BlackRock&#8217;s recent global voting <a href="https://www.blackrock.com/corporate/literature/publication/2025-investment-stewardship-voting-spotlight.pdf">spotlight</a> also highlighted that it voted with corporate management on 209 out of 214 votes in the Americas on climate and natural capital. &#8220;We again found that many of these proposals were over-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term financial value,&#8221; the report said.
The letter also states that the Federal Retirement Thrift Investment Board relies on the Institutional Shareholder Services, a proxy advisory firm, for analysis of BlackRock and State Street’s proxy voting record. The firm is also “committed to environmental activism and imposing quotas on company boards,” Hild wrote. 
The agency utilizes quarterly analysis from the Institutional Shareholder Services to ensure that BlackRock and State Street vote in line with their written guidelines. 
“Reliance on ISS is contrary to [federal law’s] sole-interest standard, as ISS pursues an agenda that is incompatible with shareholder value and has made commitments to incorporate ESG into its processes. Contracting with ISS also raises concerns about ISS’s role in recommending votes that would inject race- and sex-based considerations into companies’ practices, which potentially violates federal and state civil rights laws,” Hild wrote. 
Hild wants Congress to press the Federal Retirement Thrift Investment Board to ensure that federal workers’ retirement savings are not being used to push politics. 
“The [FRTIB] owes the public answers, starting with whether it broke the law by allowing these notoriously woke firms to fund their ESG activism with millions of federal workers&#8217; savings. The longer that firms like BlackRock freely manage Thrift Saving Plan assets, the greater the danger to so many Americans&#8217; retirement security,” he said.

MixCollage-29-Sep-2025-11-26-AM-2253

Federal Retirement Dollars Used To Push Leftist Politics, Watchdog Warns

Climate Change

Diversity Equity and Inclusion (DEI)

James Comer

Rand Paul

President Donald Trump declared on Tuesday that the United States &#8220;will be reclaiming” the Panama Canal, saying that America would once again control the critical shipping lane. 
During his address to a joint session of Congress, Trump celebrated the news that financial asset manager BlackRock had reached a deal to purchase two major Panama Canal ports. Trump had previously pushed for America to take control of the canal, arguing that Panama was taking advantage of the United States. 
“My administration will be reclaiming the Panama Canal, and we’ve already started doing it,” he said. “Just today, a large American company announced they are buying both ports around the Panama Canal.”
<blockquote class="twitter-tweet">
TRUMP: &#8220;The Panama Canal was built by Americans for Americans, not for others.&#8221; <a href="https://t.co/2vHeVuagis">pic.twitter.com/2vHeVuagis</a>
— Daily Wire (@realDailyWire) <a href="https://twitter.com/realDailyWire/status/1897135132370415697?ref_src=twsrc%5Etfw">March 5, 2025</a></blockquote>
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On Tuesday, BlackRock <a href="https://www.ckh.com.hk/en/media/press_each.php?id=3431" target="_blank" rel="noopener">announced</a> that it would take control of two ports from the Hong Kong-based CK Hutchison Holdings in a $23 billion deal that also includes 43 other ports around the world. The agreement will have to be approved by the government of Panama, which has <a href="https://www.dailywire.com/news/panama-gives-in-to-trump-will-let-u-s-navy-ships-pass-canal-for-free" target="_blank" rel="noopener">made concessions</a> to the Trump administration in recent weeks. 
“The Panama Canal was built by Americans for Americans, not for others. But others could use it. But it was built at tremendous cost of American blood and treasure,” Trump said during his speech. “38,000 workers died building the Panama Canal. They died of malaria, they died of snake bites, and mosquitos, not a nice place to work. They paid them very highly to go there, knowing there was a 25% chance they would die.”
Trump ripped into the Carter administration for relinquishing control of the canal back in 1977. 
“It was given away by the Carter administration for one dollar, but that agreement has been violated very severely,” Trump said. “We didn’t give it to China, we gave it to Panama, and we’re taking it back.” 
Last month, Panama agreed to offer free passage to U.S. Navy vessels traveling through the canal after a meeting between Secretary of State Marco Rubio and Panamanian President José Raúl Mulino. Panama later announced it would not renew its participation in China’s Belt and Road Initiative.

PANAMA-TRANSPORT-CANAL

Trump Says U.S. Is ‘Reclaiming’ The Panama Canal

China

Executive

Global Politics

Panama

Panama Canal

Politics

A growing number of corporations are exiting a left-wing “climate cartel” amid pressure from congressional Republicans, The Daily Wire learned on Friday.
The committee has been investigating organizations like the Net Zero Asset Managers (NZAM) initiative and Climate Action 100+ which it says have worked together with corporations to push leftist ESG goals and decarbonization of the American economy. Earlier this month, NZAM paused its work after a flurry of high-profile companies, like BlackRock, left the company.
The exodus from NZAM also includes companies like AllianceBernstein, Northern Trust Asset Management, HASI, Muzinich and Co., Breckinridge Capital Advisors, Stonepeak, V-Square Quantitative Management, and SKY Harbor Capital Management, the committee told The Daily Wire.
Many of the companies, including Northern Trust Asset Management and SKY Harbor Capital Management, left after being contacted by the committee.
“More than 70 companies have left woke ESG organizations like NZAM and Climate Action 100+ since the Committee’s investigation started,” Committee Chair Jim Jordan (R-OH) told The Daily Wire. “This a huge win for freedom and American prosperity. All U.S. financial institutions should follow suit and abandon the climate cartel.”
At one point, NZAM, which says its goal is to push net zero greenhouse gas emission by 2050 or sooner, boasted its members controlled over $57 trillion in assets. The company has now suspended all activities following the departures.
BlackRock, which controls over $11 trillion in assets, <a href="https://www.dailywire.com/news/blackrock-exits-climate-activist-group-after-pressure-from-republicans" target="_blank" rel="noopener">left NZAM</a> on January 9, one day before a <a href="https://www.dailywire.com/news/exclusive-jim-jordan-demands-60-companies-provide-answers-on-climate-activism" target="_blank" rel="noopener">deadline</a> given by the company by the Judiciary Committee to respond to questions about whether its investment policies were impacted by its involvement with climate groups.
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In a letter explaining its withdrawal, BlackRock executives admitted that the company&#8217;s involvement with NZAM “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.”
“Our participation in NZAM didn’t impact the way we managed client portfolios,” the company said. “Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios.”
The Judiciary Committee has been investigating the cooperation between climate groups and corporations for the last two years and released a <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-06-11%20Climate%20Control%20-%20Exposing%20the%20Decarbonization%20Collusion%20in%20Environmental%2C%20Social%2C%20and%20Governance%20(ESG)%20Investing.pdf">report</a> called “Climate Control: Exposing The Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing,” in June.
Companies like BlackRock have also been under pressure at the state level. In November, 11 Republican attorneys general, led by Texas Attorney General Ken Paxton, <a href="https://www.dailywire.com/news/republican-ags-sue-blackrock-say-it-has-conspired-against-coal-production" target="_blank" rel="noopener">filed a lawsuit</a> in November against BlackRock over its involvement with groups like NZAM.

The Inauguration Of Donald J. Trump As The 47th President

‘Win For Freedom’: House Republicans Celebrate Exodus Of Companies From ‘Climate Cartel’

House Judiciary Committee

Jim Jordan

BlackRock announced this week that it was leaving a major climate activist group after Republicans criticized its involvement with the group. 
The company <a href="https://www.bloomberg.com/news/articles/2025-01-09/blackrock-leaves-major-climate-group-amid-wall-street-exodus" target="_blank" rel="noopener">said</a> in a letter that it would be leaving the Net Zero Asset Managers (NZAM) initiative, an organization of asset managers <a href="https://www.netzeroassetmanagers.org/">committed</a> to “supporting the goal of net zero greenhouse gas emissions by 2050 or sooner.” At one point, NZAM boasted its members controlled over $57 trillion in assets. 
BlackRock’s announcement comes after 11 Republican attorneys general, led by Texas AG Ken Paxton, <a href="https://www.dailywire.com/news/republican-ags-sue-blackrock-say-it-has-conspired-against-coal-production" target="_blank" rel="noopener">filed a lawsuit</a> in November against the asset manager over its involvement with groups like NZAM. Texas’ lawsuit accused BlackRock of violating antitrust laws by allegedly engaging in a conspiracy with other asset managers to constrict the market for coal. BlackRock has denied the allegations and said the suit is without merit. 
BlackRock’s letter, first obtained by Bloomberg, acknowledged that its involvement with NZAM “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.”
“Our participation in NZAM didn’t impact the way we managed client portfolios,” the company said. “Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios.”
Despite exiting NZAM, BlackRock said it would “continue to assess material climate-related risks, alongside other investment risks, in delivering for clients.”
NZAM, which also lost the involvement of asset giant Vanguard, <a href="https://thehill.com/policy/energy-environment/5077576-blackrock-leaves-net-zero-climate-group/" target="_blank" rel="noopener">said</a> it was sad to see BlackRock go.
“We are disappointed to see any investor withdraw, but as a voluntary initiative, we respect any individual decisions signatories take,” NZAM told The Hill. “Climate risk is financial risk. NZAM exists to help investors mitigate these risks and to realise the benefits of the economic transition to net zero.”
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Will Hild, the executive director of Consumer’s Research, an organization opposed to the injection of politics into business, told The Daily Wire that the result of companies like BlackRock’s involvement in NZAM was to raise prices for consumers and lower the return for investors. 
“This should be music to the ears of every consumer in the entire country,” he said of BlackRock leaving NZAM. “It’s a good thing for consumers because it’s going to help alleviate some of the inflationary effects of ESG and net zero.”
He attributed BlackRock’s exit to Donald Trump&#8217;s re-election and Paxton&#8217;s lawsuit.

First Day Of Trading For 2025 At The NYSE And NASDAQ

BlackRock Exits Climate Activist Group After Pressure From Republicans

Economics

Texas

Republicans on the House Judiciary Committee demanded Friday that over 60 companies provide answers on their involvement with leftist climate organizations, according to letters first shared with The Daily Wire. 
House Judiciary Chair <a href="https://www.dailywire.com/topic/jim-jordan" target="_blank" rel="noopener">Jim Jordan</a> (R-OH) and Rep. Thomas Massie (R-KY) told large companies, including BlackRock, State Street Global Advisors, and J.P. Morgan, to preserve all documents related to their involvement with the Glasgow Financial Alliance for Net Zero and the Net Zero Asset Managers. They also asked whether their involvement with those organizations had any influence on their company policies and asset management. 
The lawmakers wrote that “the Committee has uncovered evidence that financial institutions are colluding with climate activists through initiatives like the Glasgow Financial Alliance for Net Zero (GFANZ) and the Net Zero Asset Managers (NZAM) initiative to collectively adopt and impose left-wing environmental, social, and governance (ESG)-related goals, which may violate U.S. antitrust law.”
“The Committee has obtained evidence that members of GFANZ and NZAM attempt to impose a ‘net-zero’ climate agenda on U.S. companies in their investment portfolios,” they added. 
The Glasgow Financial Alliance for Net Zero describes itself as “a global coalition of leading financial institutions committed to accelerating the decarbonization of the economy.&#8221; Net Zero Asset Managers, which says its signers have more than $57.5 trillion under management, is “an international group of asset managers committed, consistent with their fiduciary duty to their clients and beneficiaries, to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner.”
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In the letter to J.P.Morgan Asset Management shared with The Daily Wire, the lawmakers ask if its membership in the organization has “altered its ‘stewardship and engagement strategy’ with its portfolio companies&#8221; and if it had taken any actions to push the companies it invests in toward net zero. 
The lawmakers also asked the companies if their involvement with both climate initiatives had impacted its voting policy, requesting an answer to its questions by January 10, 2025. 
“The Committee has reason to believe that J.P. MorganAsset Management may be in possession of documents and communications related to GFANZ and NZAM’s collusive activity that would inform potential legislative reforms,” the lawmakers wrote. “This letter serves as a formal request to preserve all existing and future records and materials relating to the topics addressed in this letter.”
In June, the House Judiciary Committee <a href="https://www.dailywire.com/news/house-republicans-take-aim-at-climate-cartel-pushing-decarbonization-of-american-industry">released</a> a report saying that there was a “climate cartel” working together to push companies to impose radical environmental goals and the decarbonization of American industry.

House Judiciary Committee Holds Hearing On Oversight Of FBI

EXCLUSIVE: Jordan, Massie Demand 60+ Companies Provide Answers On Climate Activism

JP Morgan

Thomas Massie

Eleven Republican attorneys general sued <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> on Wednesday, alleging it had engaged in a conspiracy with other massive asset managers to constrict the market for coal.
Led by Texas, the attorneys general filed a <a href="https://www.texasattorneygeneral.gov/sites/default/files/images/press/States%20v%20BlackRock%20Complaint%20Filed.pdf" target="_blank" rel="noopener">suit</a> on Wednesday in U.S. District Court for the Eastern District of Texas alleging that BlackRock, Vanguard, and State Street have worked together to push climate policies in order to artificially restrict the supply of coal. The states say that the financial giants, which <a href="https://money.usnews.com/investing/news/articles/2024-11-27/blackrock-state-street-vanguard-sued-by-republican-states-over-climate-accords" target="_blank" rel="noopener">control</a> around $26 trillion, have violated federal and state antitrust laws.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” <a href="https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-blackrock-state-street-and-vanguard-illegally-conspiring-manipulate">said</a> Texas Attorney General Ken Paxton. “Their conspiracy has harmed American energy production and hurt consumers. This is a stunning violation of State and federal law.”
The suit was joined by Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming. They argue that the asset managers have weaponized their holdings in coal companies to restrict the industry and raise prices.
“Defendants have leveraged their holdings and voting of shares to facilitate an output reduction scheme, which has artificially constrained the supply of coal, significantly diminished competition in the markets for coal, increased energy prices for American consumers, and produced cartel-level profits for Defendants,” the suit says.
“Competitive markets — not the dictates of far-flung asset managers — should determine the price Americans pay for electricity,” the Republican AGs added, saying that the companies pursued environmental, social, and governance policies that harmed investors&#8217; bottom line.
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Both State Street and BlackRock responded to the lawsuit by saying it was without merit.
&#8220;State Street acts in the long-term financial interests of investors with a focus on enhancing shareholder value. As long-term capital providers, we have a mutual interest in the long-term success of our portfolio companies. T​his lawsuit is baseless and look forward to presenting the facts through the legal process,&#8221; State Street said.
“BlackRock&#8217;s holdings in energy companies are regularly reviewed by federal and state regulators. We make these investments on behalf of our clients, and our focus is on delivering them financial returns,” the company told The Daily Wire.
“The suggestion that BlackRock has invested money in companies with the goal of harming those companies is baseless and defies common sense. This lawsuit undermines Texas&#8217; pro-business reputation and discourages investments in the companies consumers rely on,” it added.
BlackRock has long faced criticism from conservatives who have argued that it prioritizes leftist activism over customer benefit. The asset manager has been involved in climate-focused groups like the Net Zero Asset Managers initiative, the United Nations Principles for Responsible Investment, and Ceres.

Climate activists protest against fossil fuel use in New York

Republican AGs Sue BlackRock, Say It Has Conspired Against Coal Production

Coal

Ken Paxton

Social Issues

U.S.

Vanguard

A “<a href="https://www.dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate cartel</a>” of activists and financial organizations is working together to push American companies to impose radical environmental goals, according to a report published Tuesday by the House Judiciary Committee.
The new <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-06-11%20Climate%20Control%20-%20Exposing%20the%20Decarbonization%20Collusion%20in%20Environmental%2C%20Social%2C%20and%20Governance%20(ESG)%20Investing.pdf" target="_blank" rel="noopener">report</a>, called &#8220;Climate Control: Exposing The Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing,” features the preliminary findings of the committee’s investigation into the relationship between climate activists and large financial institutions. The committee surveyed 272,294 documents and 2,565,258 pages of non-public information, according to the report.
“The Committee’s ongoing investigation into collusion between left-wing activists and major financial institutions has revealed that a climate cartel is working to decarbonize the U.S. economy — with disastrous implications for American consumers,” the report said. “The climate cartel has declared war on our way of life, escalating its attacks on free markets and demanding that companies slash output of the critical products and services that allow Americans to drive, fly, and eat.”
Much of the 41-page report examined the influence of Climate Action 100+, an investors group that pushes environmental, social, and governance initiatives and controls about $68 trillion in assets.
For example, members of Climate Action 100+ are required to ask the companies they work with to “take necessary action on climate change” by “halving emissions by 2030 and delivering net zero GHG emissions by 2050, in line with the goals of the Paris Agreement to pursue efforts to limit warming to 1.5°C.”
One document obtained by the committee said that Climate Action 100+ needed to “show that engagement can have teeth—and that investors are willing to escalate pressure against companies that refuse to act.”
The report said that this push for decarbonization would raises costs of fossil fuel, aviation, and farming.
Another one of the leftist groups discussed in the report is Ceres, an environmental nonprofit that helped co-found Climate Action 100+.
Ceres says that it is leading a “coordinated push to harness the extraordinary power of financial system leaders to accelerate the transition of the global economy to net-zero by steering massive flows of capital . . . away from investments that lock in greenhouse gas emissions.
The committee said that Ceres has so far refused to respond to its requests for access to its Investor Portal, which it uses to organize “engagements” with shareholders and corporations.
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“Despite the centrality of the Ceres Investor Portal to the climate cartel’s operations and possible antitrust violations, and its obvious responsiveness to the categories of information demanded by the Committee’s subpoena, Ceres has refused to provide the Committee with meaningful access to these materials,” the report said, adding that all legal operations remain on the table.
The report also highlighted the work of the California Public Employee&#8217;s Retirement System through proxy voting and other means to push for policies in accordance with Climate Action 100+ and Ceres.
A spokesman for Climate Action 100+ said that criticism from Republicans was a &#8220;politicized&#8221; interpretation of their activities.
&#8220;Investors who undertake investor stewardship on climate change are pursuing a common-sense approach driven by the pursuit of delivering the best long-term returns for their clients and beneficiaries. Therefore, it is regrettable that this topic, and Climate Action 100+, specifically, has been unduly politicized,&#8221; the spokesman said. 
The release of the report comes as Republican lawmakers have been scrutinizing the connections between climate activists and financial asset manager giants like BlackRock and Vanguard. Earlier this year, BlackRock, JPMorgan, and State Street all <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">announced</a> that they would be pulling back from their participation in Climate Action 100+, pulling about $14 trillion in investments.

Citi’s Manhattan Staff Are Now No. 1 Target in ‘Summer of Heat’

House Republicans Take Aim At ‘Climate Cartel’ Pushing Decarbonization Of American Industry

Congress

Environmentalism

<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 loading="lazy" decoding="async" 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

Oklahoma

Retirement funds

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

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;

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

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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#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

Marco Rubio

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