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companies. In an announcement first shared with FOX Business, Texas State Board of Education Chairman Aaron Kinsey said the so-called Texas Permanent School Fund (PSF) had delivered a notice to BlackRock on Tuesday, informing the New York City-based firm of the action. According to Kinsey, the move was made in accordance with a 2021 state law that seeks to distance the state and its large public purse from financial institutions boycotting the oil and gas sector. "The Texas Permanent School Fund 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," Kinsey said in a statement Tuesday. "Terminating BlackRock’s contract ensures PSF’s full compliance with Texas law." "BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil & 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," he continued. "BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans." BLACKROCK ADMITS ESG ADVOCACY COULD PROVE BAD FOR BUSINESS The divestment represents a large share of the $53 billion Texas PSF, a fund created in the 19th century to support the state's public schools. The action also represents by far the largest divestment of its kind since Republican-led states began terminating their financial ties to BlackRock and other financial institutions over their pursuit of so-called environmental, social and governance (ESG) standards.  The ESG movement, which has picked up steam in recent years, calls for investments to be pulled from traditional energy industries and diverted to green energy industries in the fight against global warming. However, the ESG movement has faced significant resistance from both the energy industry and lawmakers at the state and federal level.  BLACKROCK SAYS ‘MEGA FORCES’ LIKE AI, GREEN ENERGY TRANSITION ARE SPARKING STRUCTURAL ECONOMIC CHANGES As part of that pushback, Texas passed Senate Bill 13 in 2021, requiring its state comptroller to list financial companies found to boycott fossil fuel companies. Texas Comptroller Glenn Hegar most recently updated that list in October, including BlackRock and several funds managed by the firm, and has called on the Texas Permanent School Fund, in addition to five state pension funds, to sever ties with the asset manager. "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," Kinsey said Tuesday. "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." BlackRock, which manages more than $10 trillion in assets, has sought to defend itself in recent months from accusations that it is boycotting energy companies, noting that it remains invested in traditional energy companies, but factors in ESG matters because it serves clients with a range of investment objectives. Additionally, the firm partnered with major energy company Occidental Petroleum late last year on a carbon capture project in Ector County, Texas. BLACKROCK, STATE STREET FACE SUBPOENAS IN HOUSE ESG PROBE "BlackRock is helping millions of Texans invest and save for retirement," a BlackRock spokesperson told FOX Business. "On behalf of our clients, we’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." "Today’s unilateral and arbitrary decision by Board of Education Chair Aaron Kinsey jeopardizes Texas schools and the families who have benefited from BlackRock’s consistent long-term outperformance for the Texas Permanent School Fund," BlackRock added in a statement later Tuesday. "The decision ignores our $120 billion investment in Texas public energy companies and defies expert advice. As a fiduciary, politics should never outweigh performance, especially for taxpayers." Still, Texas' move was cheered by Derek Kreifels, the CEO of the State Financial Officers Foundation, and Will Hild, the executive director of Consumers' Research, who have led nationwide opposition to ESG policies. "Today’s bold step by Aaron Kinsey and the Permanent School Fund of Texas, in accordance with state law, is a massive blow against the scam of ESG," said Kreifels. "This is what happens when public fiduciaries stand up for those to whom they owe a duty, instead of bowing down to Wall Street’s asset managers who continue to abuse their position in the market to advance radical ideologies." "Under Larry Fink's leadership, BlackRock has been misusing client funds to push a political agenda for years. Nowhere was that more egregious than in Texas, where BlackRock was simultaneously trying to destroy the domestic oil and gas industry while managing funds that depended on royalties derived from that very same industry," added Hild. "A more flagrant violation of fiduciary duty is difficult to imagine." CLICK HERE TO READ MORE ON FOX BUSINESS  Hild said Texas' divestment sends a "clear message" to "Wall Street elites that people can no longer be bullied into complying with ESG's destructive ideology." Prior to the action announced Tuesday, Arizona, Arkansas, Florida, Louisiana, Missouri, South Carolina, Utah and West Virginia announced similar divestments. The largest previous divestment was Florida's, worth $2 billion, announced by Florida CFO Jimmy Patronis in December 2022. Some critics of the states' moves distancing themselves from BlackRock and other asset managers have argued the actions harm consumers. For example, a Texas Association of Business Chambers of Commerce Foundation study released last week concluded Texas’ ‘Fair Access’ laws will result in $668.7 million lost in economic activity and 3,034 fewer full-time, permanent jobs.", "datePublished": "2024-03-19T09:59:17-04:00", "dateModified": "2024-03-19T09:59:17-04:00", "description": "FIRST ON FOX: The State of Texas is terminating a $8.5 billion BlackRock investment in response to the firm's ESG policies, which the state says signal a boycott of energy companies.", "author": [{"@type":"Person","name":"Thomas Catenacci","url":"https://www.foxbusiness.com/person/c/thomas-catenacci"}], "publisher": { "@type": "Organization", "name": "Fox Business", "logo": { "@type": "ImageObject", "url": "https://static.foxnews.com/static/orion/styles/img/fox-business/logos/fox-business-logo.png", "width": "133", "height": "60" } }, "image": { "@type": "ImageObject", "url": 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Policy</a></li></ul> <div class="policy"><p> Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by <a href="https://www.factset.com/">Factset</a>. Powered and implemented by <a href="https://www.factset.com/solutions/business-needs/digital-solutions">FactSet Digital Solutions</a>. <a href="https://www.factset.com/privacy">Legal Statement</a>. </p> <p>This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. <a href="https://help.foxbusiness.com/hc/en-us/sections/4405278462107-FAQ">FAQ</a> - <a href="/privacy-policy">New Privacy Policy</a></p></div></div></div></div></header> <div class="page"><div class="pre-content"></div> <div class="page-content"><main class="main-content"><article section="politics" tags="[object Object],[object Object],[object Object],[object Object]" class="article-wrap"> <header class="article-header"><div class="article-meta article-meta-upper"><div class="eyebrow"><a href="/category/fox-news-texas">Texas</a></div> <div class="article-date"><span class="article-date__published"><span class="article-date__label--published"><strong>Published</strong></span> <time class="article-date__time article-date__time--published"> March 19, 2024 9:59am EDT </time></span>  </div></div> <h1 class="headline">Texas pulls $8.5B from BlackRock in stunning blow to ESG movement</h1> <h2 class="sub-headline">Texas 'will not stand idle as our financial future is attacked by Wall Street,' said State Board of Education Chairman Aaron Kinsey</h2>  <div class="article-meta article-meta-lower"><div class="social-byline"><div class="article-social "><div class="social-icons"><ul><li class="fb"><a href="#">Facebook</a></li> <li class="tw"><a href="#">Twitter</a></li> <li class="comments"><a href="#">Comments</a></li> <li class="print"><a href="#">Print</a></li> <li class="email"><a href="#">Email</a></li></ul></div></div> <div class="author-byline"><span><div class="author-headshot"><div class="m"><img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/10/340/340/Square.jpg?ve=1&tl=1" alt="Thomas Catenacci"></div></div> <span class="article-authors"><span>By </span> <span class="authors"><span class="author"><a href="https://www.foxbusiness.com/person/c/thomas-catenacci" rel="author">Thomas Catenacci</a> <span></span></span></span></span> <span class="article-source"><a href="https://www.foxbusiness.com/">FOXBusiness</a></span></span></div></div> </div></header> <div class="article-content-wrap sticky-columns"><div class="article-content"><div class="article-body">  <div class="featured featured-video video-ct"><div class="contain"><div class="control"><a href="#" aria-label="top" class="top"></a> <a href="#" class="close">close</a></div> <div class="video-container"><div data-video-id="6346019394112" data-video-domain="foxbusiness" class="m video-player"><a href="https://www.foxbusiness.com/video/6346019394112"><picture><source srcset="https://a57.foxnews.com/cf-images.us-east-1.prod.boltdns.net/v1/static/854081161001/2e57ec51-f07c-4e44-9fe0-dbc76cf86091/087fa6dc-d7a8-40e3-bfb3-c50d84274e93/1280x720/match/288/162/image.jpg?ve=1&tl=1" media="(max-width: 767px)"> <source srcset="https://a57.foxnews.com/cf-images.us-east-1.prod.boltdns.net/v1/static/854081161001/2e57ec51-f07c-4e44-9fe0-dbc76cf86091/087fa6dc-d7a8-40e3-bfb3-c50d84274e93/1280x720/match/672/378/image.jpg?ve=1&tl=1" media="(min-width: 768px) and (max-width: 1023px)"> <source srcset="https://a57.foxnews.com/cf-images.us-east-1.prod.boltdns.net/v1/static/854081161001/2e57ec51-f07c-4e44-9fe0-dbc76cf86091/087fa6dc-d7a8-40e3-bfb3-c50d84274e93/1280x720/match/767/450/image.jpg?ve=1&tl=1" media="(min-width: 1024px) and (max-width: 1279px)"> <source srcset="https://a57.foxnews.com/cf-images.us-east-1.prod.boltdns.net/v1/static/854081161001/2e57ec51-f07c-4e44-9fe0-dbc76cf86091/087fa6dc-d7a8-40e3-bfb3-c50d84274e93/1280x720/match/896/504/image.jpg?ve=1&tl=1" media="(min-width: 1280px)"> <img src="https://cf-images.us-east-1.prod.boltdns.net/v1/static/854081161001/2e57ec51-f07c-4e44-9fe0-dbc76cf86091/087fa6dc-d7a8-40e3-bfb3-c50d84274e93/1280x720/match/image.jpg" alt="Florida Republican Agriculture Commissioner Wilton Simpson discusses the probe into U.S. banks over ESG initiatives on 'The Big Money Show.'" width="896" height="500"></picture> <span class="overlay">video</span></a></div></div> <div class="info"><div class="caption"><h2 class="title"><a href="https://www.foxbusiness.com/video/6346019394112">ESG is an existential threat to American agriculture: Wilton Simpson</a></h2> <p>Florida Republican Agriculture Commissioner Wilton Simpson discusses the probe into U.S. banks over ESG initiatives on 'The Big Money Show.'</p></div></div></div></div> <p><strong>FIRST ON FOX: </strong>The <a href="https://www.foxbusiness.com/category/fox-news-texas" target="_blank" rel="noopener">State of Texas is terminating</a> a massive $8.5 billion investment with trillion-dollar asset manager BlackRock over the state's determination that the firm is engaged in a boycott of energy companies.</p> <div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban1" id="mobile-mw-ad-ban1" class="ad gam inline"></div></div><p>In an announcement first shared with FOX Business, Texas State Board of Education Chairman Aaron Kinsey said the so-called Texas Permanent School Fund (PSF) had <a href="https://www.foxbusiness.com/media/blackrock-fink-wont-mention-esg-anymore-been-weaponized-left-right" target="_blank" rel="noopener">delivered a notice to BlackRock</a> on Tuesday, informing the New York City-based firm of the action. According to Kinsey, the move was made in accordance with a 2021 state law that seeks to distance the state and its large public purse from financial institutions boycotting the oil and gas sector.</p><p>"The Texas Permanent School Fund 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," Kinsey said in a statement Tuesday. "Terminating BlackRock’s contract ensures PSF’s full compliance with Texas law."</p> <p>"BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil & 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," he continued. "BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans."</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban2" id="mobile-mw-ad-ban2" class="ad gam inline"></div></div> <p><a href="https://www.foxbusiness.com/politics/blackrock-admits-esg-advocacy-could-prove-bad-business" target="_blank" rel="noopener"><strong>BLACKROCK ADMITS ESG ADVOCACY COULD PROVE BAD FOR BUSINESS</strong></a></p><div class="inline image-ct"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/343/192/abbotgreg.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/686/384/abbotgreg.jpg?ve=1&tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/672/378/abbotgreg.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/1344/756/abbotgreg.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/931/523/abbotgreg.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/1862/1046/abbotgreg.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/720/405/abbotgreg.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/1440/810/abbotgreg.jpg?ve=1&tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2021/11/931/523/abbotgreg.jpg?ve=1&tl=1" alt="Texas Gov Greg Abbott"></picture></div> <div class="caption"><p><span>Texas Gov. Greg Abbott appointed Aaron Kinsey as chair of the Texas State Board of Education in December. Abbott signed the state's anti-ESG Senate Bill 13 in June 2021.</span><span> (Brandon Bell/Getty Images / Getty Images)</span></p></div></div><div data-unit-credible=",," data-in-article="true" class="credible"></div><p>The divestment represents a large share of the $53 billion Texas PSF, a fund created in the 19th century to support the state's public schools. The action also represents by far the largest divestment of its kind since Republican-led states began terminating their financial ties to BlackRock and other financial institutions over their pursuit of so-called <a href="https://www.foxbusiness.com/politics/jpmorgan-chase-drops-out-of-massive-un-climate-alliance-in-stunning-move" target="_blank" rel="noopener">environmental, social and governance (ESG) standards</a>. </p><p>The ESG movement, which has picked up steam in recent years, calls for investments to be pulled from traditional energy industries and diverted to <a href="https://www.foxnews.com/politics/21-states-threaten-banks-legal-action-woke-policies-stay-your-lane" target="_blank" rel="noopener">green energy industries</a> in the fight against global warming. However, the ESG movement has faced significant resistance from both the energy industry and lawmakers at the state and federal level. </p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban3" id="mobile-mw-ad-ban3" class="ad gam inline"></div></div><p><a href="https://www.foxbusiness.com/politics/blackrock-says-mega-forces-ai-green-energy-transition-sparking-structural-economic-changes" target="_blank" rel="noopener"><strong><u>BLACKROCK SAYS ‘MEGA FORCES’ LIKE AI, GREEN ENERGY TRANSITION ARE SPARKING STRUCTURAL ECONOMIC CHANGES</u></strong></a></p><p>As part of that pushback, Texas passed Senate Bill 13 in 2021, requiring its state comptroller to list financial companies found to boycott fossil fuel companies. Texas Comptroller Glenn Hegar most recently updated that list in October, including BlackRock and several funds managed by the firm, and has called on the Texas Permanent School Fund, in addition to five state pension funds, to sever ties with the asset manager.</p><p>"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," Kinsey said Tuesday. "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."</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban4" id="mobile-mw-ad-ban4" class="ad gam inline"></div></div><div class="inline image-ct"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/343/192/larry-fink.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/686/384/larry-fink.jpg?ve=1&tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/672/378/larry-fink.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/1344/756/larry-fink.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/931/523/larry-fink.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/1862/1046/larry-fink.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/720/405/larry-fink.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/1440/810/larry-fink.jpg?ve=1&tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/03/931/523/larry-fink.jpg?ve=1&tl=1" alt="Larry Fink speaking in Texas"></picture></div> <div class="caption"><p><span>Larry Fink, chairman and CEO of BlackRock, makes a statement during the opening remarks of the Texas Power Grid Investment Summit in Houston on Feb. 6.</span><span> (Kirk Sides/Houston Chronicle via Getty Images / Getty Images)</span></p></div></div><p>BlackRock, which <a href="https://www.foxbusiness.com/economy/blackrock-layoffs-coming-firm-matures-esg-pullback-bitcoin-etf-approval" target="_blank" rel="noopener">manages more than $10 trillion in assets</a>, has sought to defend itself in recent months from accusations that it is boycotting energy companies, noting that it remains invested in traditional energy companies, but factors in ESG matters because it serves clients with a range of investment objectives. Additionally, the firm partnered with major energy company Occidental Petroleum late last year on a carbon capture project in Ector County, Texas.</p><p><a href="https://www.foxbusiness.com/politics/blackrock-state-street-face-subpoenas-house-esg-probe" target="_blank" rel="noopener"><strong><u>BLACKROCK, STATE STREET FACE SUBPOENAS IN HOUSE ESG PROBE</u></strong></a></p><p>"BlackRock is helping millions of Texans invest and save for retirement," a BlackRock spokesperson told FOX Business. "On behalf of our clients, we’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."</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban5" id="mobile-mw-ad-ban5" class="ad gam inline"></div></div><p>"Today’s unilateral and arbitrary decision by Board of Education Chair Aaron Kinsey jeopardizes Texas schools and the families who have benefited from BlackRock’s consistent long-term outperformance for the Texas Permanent School Fund," BlackRock added in a statement later Tuesday. "The decision ignores our $120 billion investment in Texas public energy companies and defies expert advice. As a fiduciary, politics should never outweigh performance, especially for taxpayers."</p><p>Still, Texas' move was cheered by Derek Kreifels, the CEO of the State Financial Officers Foundation, and Will Hild, the executive director of Consumers' Research, who have led nationwide opposition to ESG policies.</p><p>"Today’s bold step by Aaron Kinsey and the Permanent School Fund of Texas, in accordance with state law, is a massive blow against the scam of ESG," said Kreifels. "This is what happens when public fiduciaries stand up for those to whom they owe a duty, instead of bowing down to Wall Street’s asset managers who continue to abuse their position in the market to advance radical ideologies."</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban6" id="mobile-mw-ad-ban6" class="ad gam inline"></div></div><div class="inline image-ct"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/343/192/blackrock-protest.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/686/384/blackrock-protest.jpg?ve=1&tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/672/378/blackrock-protest.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/1344/756/blackrock-protest.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/931/523/blackrock-protest.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/1862/1046/blackrock-protest.jpg?ve=1&tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/720/405/blackrock-protest.jpg?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/1440/810/blackrock-protest.jpg?ve=1&tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/09/931/523/blackrock-protest.jpg?ve=1&tl=1" alt="protest placard outside BlackRock building"></picture></div> <div class="caption"><p><span>Activists hold a protest outside BlackRock headquarters in New York City on May 25, 2022. BlackRock has faced pressure from both sides in the ESG fight.</span><span> (Erik McGregor/LightRocket via Getty Images / Getty Images)</span></p></div></div><p>"Under Larry Fink's leadership, BlackRock has been misusing client funds to push a political agenda for years. Nowhere was that more egregious than in Texas, where BlackRock was simultaneously trying to destroy the <a href="https://www.foxbusiness.com/category/oil" target="_blank" rel="noopener">domestic oil and gas industry</a> while managing funds that depended on royalties derived from that very same industry," added Hild. "A more flagrant violation of fiduciary duty is difficult to imagine."</p><p><a href="https://foxbusiness.com/" target="_blank" rel="noopener"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS</u></strong></a> </p><p>Hild said Texas' divestment sends a "clear message" to "Wall Street elites that people can no longer be bullied into complying with ESG's destructive ideology."</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban7" id="mobile-mw-ad-ban7" class="ad gam inline"></div></div><p>Prior to the action announced Tuesday, Arizona, Arkansas, Florida, Louisiana, Missouri, South Carolina, Utah and West Virginia announced similar divestments. The largest previous divestment was Florida's, worth $2 billion, announced by Florida CFO Jimmy Patronis in December 2022.</p><p>Some critics of the states' moves distancing themselves from BlackRock and <a href="https://www.foxbusiness.com/category/investing-and-transactions" target="_blank" rel="noopener">other asset managers</a> have argued the actions harm consumers. For example, a Texas Association of Business Chambers of Commerce Foundation study released last week concluded Texas’ ‘Fair Access’ laws will result in $668.7 million lost in economic activity and 3,034 fewer full-time, permanent jobs.</p></div> <footer class="article-footer">  <div class="partners"><div class="partner geo-item"><div data-uid="fbr-ar-21" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="fbr-ar-22" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="ar-18" class="vendor-unit tablet-desktop"></div></div> <div class="partner geo-item"><div data-uid="fbr-ar-23" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="ar-19" class="vendor-unit tablet-desktop"></div></div> <div class="partner geo-item"><div data-uid="MB_2" class="vendor-unit mobile"></div></div></div> <div id="commenting" class="article-comments"></div></footer></div> <aside aria-label="primary sidebar" class="sidebar sidebar-primary"><div class="sticky-region"><section class="collection collection-market-indexes"><header class="heading"><h2 class="title">U.S. Stock Market Quotes</h2></header> <div class="content"><form autocomplete="off" action="/search" method="get"><fieldset><div class="input-wrap quote-lookup"><input value type="text" placeholder="Quote Lookup" name="q" onblur onfocus autocomplete="off" aria-label="quote lookup" class="input-text"> <input type="hidden" name="ss" value="fb"> <input type="submit" aria-label="submit" value="Search" class="input-search"></div></fieldset></form> </div></section><div class="advert upper"><div class="ad-container desktop ad-w-300"> <div data-ad-pos="desktop" data-ad-size="300x600,300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div><div class="ad-container tablet ad-w-300"> <div data-ad-pos="tablet" data-ad-size="300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div><div class="ad-container mobile ad-w-300"> <div data-ad-pos="mobile" data-ad-size="300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div></div><div class="embed-media advanced"><div class="item item-newsletter-article fox-business-rundown" data-slid="3DC725E303A24F8D5F8BE2343A002FB8"> <div class="m logo"> <img data-cke-saved-src="//static.foxnews.com/foxnews.com/content/uploads/2023/09/532x120-NEWSLETTER_BIZ-Rundown.png" src="//static.foxnews.com/foxnews.com/content/uploads/2023/09/532x120-NEWSLETTER_BIZ-Rundown.png" alt="Fox News First"> </div> <div class="info"> <div class="arrive"> <span>Arrives Weekly</span> </div> <div class="newsletter-title">Get Our Newsletter</div> <p class="dek">Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech and money news that matters to you.</p> <div class="user-input hide"> <p class="success">We've added you to our mailing list.</p> </div> <div class="email-input"> <input data-cke-saved-name="email" name="email" placeholder="Enter email address" type="email" class="input-email js-bound"> </div> <div class="button subscribe"> <a data-cke-saved-href="#" href="#">Subscribe</a> </div> <p class="disclosure">By clicking subscribe, you agree to the Fox News <a href="https://www.foxnews.com/privacy-policy" target="_blank">Privacy Policy</a> and <a href="https://www.foxnews.com/terms-of-use" target="_blank">Terms of Use</a>, and agree to receive content and promotional communications from Fox News. 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According to Kinsey, the move was made in accordance with a 2021 state law that seeks to distance the state and its large public purse from financial institutions boycotting the oil and gas sector."}};dY[3]={is:j,props:{parsedParagraph:""The Texas Permanent School Fund 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," Kinsey said in a statement Tuesday. "Terminating BlackRock’s contract ensures PSF’s full compliance with Texas law.""}};dY[4]={is:j,props:{parsedParagraph:""BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil & 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," he continued. "BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans.""}};dY[5]={is:j,props:{parsedParagraph:"\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpolitics\u002Fblackrock-admits-esg-advocacy-could-prove-bad-business\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003EBLACKROCK ADMITS ESG ADVOCACY COULD PROVE BAD FOR BUSINESS\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}};dY[6]={is:ck,props:{url:"https:\u002F\u002Fstatic.foxbusiness.com\u002Ffoxbusiness.com\u002Fcontent\u002Fuploads\u002F2021\u002F11\u002Fabbotgreg.jpg",externalUrl:a,imageAlt:"Texas Gov Greg Abbott",description:"Texas Gov. Greg Abbott appointed Aaron Kinsey as chair of the Texas State Board of Education in December. Abbott signed the state's anti-ESG Senate Bill 13 in June 2021.",shortDescription:a,copyright:"Brandon Bell\u002FGetty Images",source:H,alignment:cl}};dY[7]={is:j,props:{parsedParagraph:"The divestment represents a large share of the $53 billion Texas PSF, a fund created in the 19th century to support the state's public schools. The action also represents by far the largest divestment of its kind since Republican-led states began terminating their financial ties to BlackRock and other financial institutions over their pursuit of so-called \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpolitics\u002Fjpmorgan-chase-drops-out-of-massive-un-climate-alliance-in-stunning-move\" target=\"_blank\" rel=\"noopener\"\u003Eenvironmental, social and governance (ESG) standards\u003C\u002Fa\u003E. "}};dY[8]={is:j,props:{parsedParagraph:"The ESG movement, which has picked up steam in recent years, calls for investments to be pulled from traditional energy industries and diverted to \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002Fpolitics\u002F21-states-threaten-banks-legal-action-woke-policies-stay-your-lane\" target=\"_blank\" rel=\"noopener\"\u003Egreen energy industries\u003C\u002Fa\u003E in the fight against global warming. However, the ESG movement has faced significant resistance from both the energy industry and lawmakers at the state and federal level. "}};dY[9]={is:j,props:{parsedParagraph:"\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpolitics\u002Fblackrock-says-mega-forces-ai-green-energy-transition-sparking-structural-economic-changes\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003E\u003Cu\u003EBLACKROCK SAYS ‘MEGA FORCES’ LIKE AI, GREEN ENERGY TRANSITION ARE SPARKING STRUCTURAL ECONOMIC CHANGES\u003C\u002Fu\u003E\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}};dY[10]={is:j,props:{parsedParagraph:"As part of that pushback, Texas passed Senate Bill 13 in 2021, requiring its state comptroller to list financial companies found to boycott fossil fuel companies. Texas Comptroller Glenn Hegar most recently updated that list in October, including BlackRock and several funds managed by the firm, and has called on the Texas Permanent School Fund, in addition to five state pension funds, to sever ties with the asset manager."}};dY[11]={is:j,props:{parsedParagraph:""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," Kinsey said Tuesday. "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.""}};dY[12]={is:ck,props:{url:"https:\u002F\u002Fstatic.foxbusiness.com\u002Ffoxbusiness.com\u002Fcontent\u002Fuploads\u002F2024\u002F03\u002Flarry-fink.jpg",externalUrl:a,imageAlt:"Larry Fink speaking in Texas",description:"Larry Fink, chairman and CEO of BlackRock, makes a statement during the opening remarks of the Texas Power Grid Investment Summit in Houston on Feb. 6.",shortDescription:a,copyright:"Kirk Sides\u002FHouston Chronicle via Getty Images",source:H,alignment:cl}};dY[13]={is:j,props:{parsedParagraph:"BlackRock, which \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Feconomy\u002Fblackrock-layoffs-coming-firm-matures-esg-pullback-bitcoin-etf-approval\" target=\"_blank\" rel=\"noopener\"\u003Emanages more than $10 trillion in assets\u003C\u002Fa\u003E, has sought to defend itself in recent months from accusations that it is boycotting energy companies, noting that it remains invested in traditional energy companies, but factors in ESG matters because it serves clients with a range of investment objectives. Additionally, the firm partnered with major energy company Occidental Petroleum late last year on a carbon capture project in Ector County, Texas."}};dY[14]={is:j,props:{parsedParagraph:"\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpolitics\u002Fblackrock-state-street-face-subpoenas-house-esg-probe\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003E\u003Cu\u003EBLACKROCK, STATE STREET FACE SUBPOENAS IN HOUSE ESG PROBE\u003C\u002Fu\u003E\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E"}};dY[15]={is:j,props:{parsedParagraph:""BlackRock is helping millions of Texans invest and save for retirement," a BlackRock spokesperson told FOX Business. "On behalf of our clients, we’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.""}};dY[16]={is:j,props:{parsedParagraph:""Today’s unilateral and arbitrary decision by Board of Education Chair Aaron Kinsey jeopardizes Texas schools and the families who have benefited from BlackRock’s consistent long-term outperformance for the Texas Permanent School Fund," BlackRock added in a statement later Tuesday. "The decision ignores our $120 billion investment in Texas public energy companies and defies expert advice. As a fiduciary, politics should never outweigh performance, especially for taxpayers.""}};dY[17]={is:j,props:{parsedParagraph:"Still, Texas' move was cheered by Derek Kreifels, the CEO of the State Financial Officers Foundation, and Will Hild, the executive director of Consumers' Research, who have led nationwide opposition to ESG policies."}};dY[18]={is:j,props:{parsedParagraph:""Today’s bold step by Aaron Kinsey and the Permanent School Fund of Texas, in accordance with state law, is a massive blow against the scam of ESG," said Kreifels. "This is what happens when public fiduciaries stand up for those to whom they owe a duty, instead of bowing down to Wall Street’s asset managers who continue to abuse their position in the market to advance radical ideologies.""}};dY[19]={is:ck,props:{url:y,externalUrl:a,imageAlt:"protest placard outside BlackRock building",description:"Activists hold a protest outside BlackRock headquarters in New York City on May 25, 2022. BlackRock has faced pressure from both sides in the ESG fight.",shortDescription:a,copyright:"Erik McGregor\u002FLightRocket via Getty Images",source:H,alignment:cl}};dY[20]={is:j,props:{parsedParagraph:""Under Larry Fink's leadership, BlackRock has been misusing client funds to push a political agenda for years. Nowhere was that more egregious than in Texas, where BlackRock was simultaneously trying to destroy the \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Foil\" target=\"_blank\" rel=\"noopener\"\u003Edomestic oil and gas industry\u003C\u002Fa\u003E while managing funds that depended on royalties derived from that very same industry," added Hild. "A more flagrant violation of fiduciary duty is difficult to imagine.""}};dY[21]={is:j,props:{parsedParagraph:"\u003Ca href=\"https:\u002F\u002Ffoxbusiness.com\u002F\" target=\"_blank\" rel=\"noopener\"\u003E\u003Cstrong\u003E\u003Cu\u003ECLICK HERE TO READ MORE ON FOX BUSINESS\u003C\u002Fu\u003E\u003C\u002Fstrong\u003E\u003C\u002Fa\u003E "}};dY[22]={is:j,props:{parsedParagraph:"Hild said Texas' divestment sends a "clear message" to "Wall Street elites that people can no longer be bullied into complying with ESG's destructive ideology.""}};dY[23]={is:j,props:{parsedParagraph:"Prior to the action announced Tuesday, Arizona, Arkansas, Florida, Louisiana, Missouri, South Carolina, Utah and West Virginia announced similar divestments. The largest previous divestment was Florida's, worth $2 billion, announced by Florida CFO Jimmy Patronis in December 2022."}};dY[24]={is:j,props:{parsedParagraph:"Some critics of the states' moves distancing themselves from BlackRock and \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Finvesting-and-transactions\" target=\"_blank\" rel=\"noopener\"\u003Eother asset managers\u003C\u002Fa\u003E have argued the actions harm consumers. For example, a Texas Association of Business Chambers of Commerce Foundation study released last week concluded Texas’ ‘Fair Access’ laws will result in $668.7 million lost in economic activity and 3,034 fewer full-time, permanent jobs."}};ej[0]={page_url:cs,role:n,prefix:a,short_bio:"\u003Cp\u003EThomas Catenacci is a politics writer for FOX 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change","https:\u002F\u002Fcf-images.us-east-1.prod.boltdns.net\u002Fv1\u002Fstatic\u002F854081161001\u002F2e57ec51-f07c-4e44-9fe0-dbc76cf86091\u002F087fa6dc-d7a8-40e3-bfb3-c50d84274e93\u002F1280x720\u002Fmatch\u002Fimage.jpg","2024-03-20T17:19:58-04:00","external_stocks","fox-news\u002Ffox-news-us\u002Ffox-news-us-regions\u002Ffox-news-southwest\u002Ffox-news-texas","807356fb-51c4-578f-82f7-d01f5e0c4c94","01314c47-08a6-53ce-b12c-64f850aa41d3","8d777e3a-5837-59e9-80d5-b04dacce0bf2","a5fd05da-15e0-5603-be79-9530f6f6a5af","video","keyword","foxbusiness.com\u002Fperson\u002Fw\u002Fgreg-wehner","Greg Wehner","https:\u002F\u002Fstatic.foxbusiness.com\u002Ffoxbusiness.com\u002Fcontent\u002Fuploads\u002F2022\u002F10\u002Fnew-headshot.jpg","Jobs","e667781b-54de-542f-b9d4-0a741e08e3e3","eric-revell","Eric","Revell","\u003Cp\u003EEric Revell is a writer for \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002F\" target=\"_blank\"\u003EFOX Business\u003C\u002Fa\u003E and \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002F\" target=\"_blank\"\u003EFox News\u003C\u002Fa\u003E Digital. He has covered \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fpolitics\" target=\"_blank\"\u003Epolitics\u003C\u002Fa\u003E and the \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Fus-economy\" target=\"_blank\"\u003Eeconomy\u003C\u002Fa\u003E and holds degrees from the University of Oregon and Oregon State University.\u003C\u002Fp\u003E","Mortgages","\u002Fcategory\u002Fmortgage","Student Loans","\u002Fcategory\u002Fstudent-loans","Credit Cards","\u002Fcategory\u002Fcredit-cards","Personal Loans","\u002Fcategory\u002Fpersonal-loans","Savings","\u002Fcategory\u002Fsavings","Insurance","\u002Fcategory\u002Finsurance","401k","\u002Fcategory\u002F401k","\u002Fcategory\u002Fmodern-retirement","Tax Planning","\u002Fcategory\u002Ftax-planning","Personal Finance","\u002Fpersonal-finance","Government Spending","\u002Fcategory\u002Fgovernment-spending","\u002Fcategory\u002Fmoney-and-policy","Small Business","\u002Fcategory\u002Fsmall-business","Stocks","US Markets","\u002Fcategory\u002Fus-markets","Cryptocurrency","\u002Fcategory\u002Fcryptocurrency","\u002Fcategory\u002Ffutures-commodities","Bonds","\u002Fcategory\u002Fbonds","ETFs","\u002Fcategory\u002Fetfs","\u002Fcategory\u002Fbusiness-leaders","Industries","\u002Fcategory\u002Findustries","Retail","\u002Fcategory\u002Fretail","\u002Fcategory\u002Fpre-markets","Mutual Funds","\u002Fcategory\u002Fmutual-funds","Watchlist","\u002Fwatchlist","Entertainment","\u002Fcategory\u002Fentertainment","\u002Fcategory\u002Frich-famous","Cars","\u002Fcategory\u002Fcars","\u002Fcategory\u002Ffood-drinks","Arts","\u002Fcategory\u002Farts","\u002Flifestyle","\u002Fcategory\u002Fpersonal-real-estate","\u002Fcategory\u002Fcommercial-real-estate","Luxury Properties","\u002Fcategory\u002Fluxury-properties","\u002Freal-estate","Digital","\u002Fcategory\u002Fdigital","Gadgets","\u002Fcategory\u002Fgadgets","Business Tech","\u002Fcategory\u002Fbusiness-tech","Healthcare Tech","\u002Fcategory\u002Fhealth-care-tech","Future Tech","\u002Fcategory\u002Ffuture-tech","AI","\u002Fcategory\u002Fartificial-intelligence","Space","Video","\u002Fvideo","300x250","FOXBusiness","https:\u002F\u002Fwww.foxbusiness.com","Texas 'will not stand idle as our financial future is attacked by Wall Street,' said State Board of Education Chairman Aaron Kinsey","texas-pulls-8-5-billion-blackrock-stunning-blow-esg-movement","foxbusiness.com\u002Fpolitics\u002Ftexas-pulls-8-5-billion-blackrock-stunning-blow-esg-movement","Energy In America","\u002Fenergy","Original","49ec7a87-b193-53d8-a5e3-87e9d9f2af31","Photo by Erik McGregor\u002FLightRocket via Getty Images","BlackRock protest Larry Fink","MANHATTAN, NEW YORK, UNITED STATES - 2022\u002F05\u002F25: Participant seen holding a sign at the protest. More than 100 New Yorkers on the frontlines of the climate crisis, including faith leaders and youth, held a protest outside BlackRock Headquarters in Manhattan, where their annual shareholders meeting took place. Participants and speakers at this event demanded that BlackRock exclude companies expanding fossil fuel production from its active and passive funds. At least twelve protesters were arrested, including six faith leaders. ",2214834,"7fb92dbd-e9b4-5802-b5b1-00d4b8f9a8c6",2014458,"foxbusiness.com\u002Fsource\u002Fgetty-images","https:\u002F\u002Fwww.gettyimages.com\u002F","full-width-image","center","2024-03-20T21:19:59.868Z","2024-03-20T21:20:00.026Z","fox-news-texas","fox-news\u002Ffox-news-columns\u002Ffox-news-energy-in-america","fox-business\u002Fpolitics\u002Fclimate-change","fox-business\u002Findustries\u002Fenergy","foxbusiness.com\u002Fperson\u002Fc\u002Fthomas-catenacci",1280,720,"a1fb12df-5218-5924-8518-5a3af18dbe90","content\u002Ffbn\u002Fperson\u002Fd\u002Fbreck-dumas","breck-dumas","Breck","Dumas","Reporter","https:\u002F\u002Fwww.foxbusiness.com\u002Fperson\u002Fd\u002Fbreck-dumas","\u003Cp\u003EBreck Dumas is a reporter for Fox Business and Fox News Digital.\u003C\u002Fp\u003E\u003Cp\u003EYou may email Breck at \u003Ca href=\"mailto:Breck.Dumas@fox.com\" target=\"_blank\" rel=\"noopener noreferrer\"\u003EBreck.Dumas@fox.com\u003C\u002Fa\u003E, find her on Twitter \u003Ca href=\"https:\u002F\u002Ftwitter.com\u002Fbreck_dumas\" target=\"_blank\"\u003E@Breck_Dumas\u003C\u002Fa\u003E, or contact her on \u003Ca href=\"https:\u002F\u002Fwww.linkedin.com\u002Fin\u002Fbreck-dumas-a9785b9b\u002F\" target=\"_blank\"\u003ELinkedIn\u003C\u002Fa\u003E.\u003C\u002Fp\u003E","f1fe60d5-9e32-5aea-9d2b-160d5306e504",2219589,"TSLA","Greg","https:\u002F\u002Fwww.foxbusiness.com\u002Fcategory\u002Fpolitics","NaN:NaN","content\u002Ffbn\u002Fperson\u002Fr\u002Feric-revell","b50a7dcb-0012-5231-9534-0c24e50d9326",2239857,"Technology","Twitter","California","\u002Fcategory\u002Ffox-news-california","Retirement","Money & Policy","Inflation","\u002Fcategory\u002Finflation","\u002Fstocks","Futures & Commodities","Pre-Markets","Rich & Famous","Food & 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