{"id":1766298,"date":"2022-12-07T11:17:55","date_gmt":"2022-12-07T16:17:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1766298"},"modified":"2022-12-07T11:18:01","modified_gmt":"2022-12-07T16:18:01","slug":"texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money\/","title":{"rendered":"Texas Subpoenas, Schedules Hearing For BlackRock: \u2018Playing Politics Using Texans\u2019 Hard Earned Money\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftexas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1766298&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Lawmakers in <a href=\"http:\/\/dailywire.com\/topic\/texas\" target=\"_blank\" rel=\"noopener\">Texas<\/a> scheduled a hearing for next week with asset management companies over alleged mismanagement of taxpayer dollars driven by ideological motives.<\/p>\n<p>The Texas Senate Committee on State Affairs requested documents from <a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a>, <a href=\"http:\/\/dailywire.com\/topic\/vanguard\" target=\"_blank\" rel=\"noopener\">Vanguard<\/a>, State Street, and Institutional Shareholder Services relevant to the firms\u2019 promotion of the environmental, social, and governance movement, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>, four months ago. Hearings will begin on December 15 in the city of Marshall, Texas.<\/p>\n<p>\u201cThe Committee needs these documents to uncover the extent to which these firms have been playing politics using Texans\u2019 hard earned money,\u201d State Sen. Bryan Hughes (R-TX) said in a statement provided to The Daily Wire. \u201cNext week we will hold a hearing where each firm will appear and give account to the people of Texas.\u201d<\/p>\n<p>Officials recently <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-may-have-broken-the-law-with-its-woke-investing-schemes-republicans-argue\" target=\"_blank\" rel=\"noopener\">warned<\/a> BlackRock that efforts related to the company\u2019s promotion of causes such as emissions reduction violate state laws mandating a sole focus on financial returns among all fiduciaries. Texas also announced that BlackRock and nine other firms had <a href=\"https:\/\/www.dailywire.com\/news\/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels\" target=\"_blank\" rel=\"noopener\">broken<\/a> the law by \u201crefusing to deal with\u201d companies involved in the production and use of fossil fuels \u201cwithout an ordinary business purpose.\u201d<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link c-link--focus-visible\" tabindex=\"-1\" href=\"https:\/\/get.dailywire.com\/readers-pass\/read-only-v2?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/get.dailywire.com\/readers-pass\/read-only-v2?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" data-sk=\"tooltip_parent\" data-remove-tab-index=\"true\" aria-describedby=\"sk-tooltip-25974\">TIRED OF THE LEGACY MEDIA\u2019S BIAS CONTROLLING THE NARRATIVE AND OBSCURING THE TRUTH? JOIN US.<\/a><\/p>\n<p>Hughes added that some firms have produced more documents than others, noting that BlackRock in particular \u201chas refused to provide documents it considers internal or confidential,\u201d leading lawmakers to issue a subpoena. \u201cWe will not allow these firms to continue to use Texans\u2019 money to force a narrow political agenda,\u201d he continued. \u201cThey have a legal duty to put their investors\u2019 interests first, and we intend to make sure they do.\u201d<\/p>\n<p>The subpoena, provided to The Daily Wire, emphasized BlackRock\u2019s support of global climate initiatives such as the Net-Zero Banking Allowance and the Glasgow Financial Alliance for Net Zero, which are intended to \u201cuse any part of the financial system to reduce or eliminate greenhouse gas emissions or otherwise pursue environmental goals.\u201d<\/p>\n<p>BlackRock has taken \u201cvoting action on climate issues\u201d against dozens of its portfolio companies, according to an investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> published two years ago, prompting state-level officials across the country to note that such activism may work against their economies and <a href=\"https:\/\/www.dailywire.com\/news\/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids\" target=\"_blank\" rel=\"noopener\">raise nationwide energy prices<\/a>.<\/p>\n<p>A number of Republican state governments have recently pulled funds from prominent asset managers over concerns that the companies\u2019 voting priorities constitute a drift away from the sole pursuit of maximal returns. In addition to divestments from South Carolina, Louisiana, Missouri, West Virginia, and Utah, the state of Florida <a href=\"https:\/\/www.dailywire.com\/news\/florida-pulling-2-billion-from-blackrock-as-company-pushes-social-engineering-with-taxpayer-dollars\" target=\"_blank\" rel=\"noopener\">announced<\/a> plans last week to remove $2 billion from BlackRock by the beginning of next year.<\/p>\n<p>As the moves from conservative state policymakers and <a href=\"https:\/\/www.dailywire.com\/news\/vivek-ramaswamys-strive-asset-management-to-uproot-esg-moves-at-three-major-companies\" target=\"_blank\" rel=\"noopener\">broader concerns<\/a> from the marketplace make headlines, BlackRock CEO Fink recently <a href=\"https:\/\/www.dailywire.com\/news\/blackrock-makes-major-change-after-backlash-against-woke-investing\" target=\"_blank\" rel=\"noopener\">announced<\/a> that institutional clients would be able to vote their own shares rather than allow the company to act as a proxy.<\/p>\n<p>\u201cWe are witnessing a reckoning for these asset management firms that have until recently thought they could take hardworking Americans\u2019 money and use it to drive their progressive agenda,\u201d Consumers\u2019 Research Executive Director Will Hild remarked in a statement provided to The Daily Wire. \u201cThis action from Texas will uncover much of what these firms have tried to hide \u2014 their agenda is driven by politics, not profits.\u201d<\/p>\n<p>At the federal level, however, the Labor Department introduced <a href=\"https:\/\/www.dailywire.com\/news\/trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule\" target=\"_blank\" rel=\"noopener\">measures<\/a> to undo a ban on ESG investments previously instituted by former President Donald Trump. The agency published a <a href=\"https:\/\/www.dol.gov\/agencies\/ebsa\/about-ebsa\/our-activities\/resource-center\/fact-sheets\/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights\" target=\"_blank\" rel=\"noopener\">final rule<\/a> last month that reflected a directive from President Joe Biden to safeguard the economy from \u201cclimate-related financial risk that may threaten the life savings and pensions of America\u2019s workers and families.\u201d Fiduciaries will be permitted to consider \u201cthe economic effects of climate change and other ESG considerations\u201d as long as such factors are salient within risk-and-return analyses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawmakers in Texas scheduled a hearing for next week with asset management companies over alleged mismanagement of taxpayer dollars driven by ideological motives. The Texas Senate Committee on State Affairs requested documents from BlackRock, Vanguard, State Street, and Institutional Shareholder Services relevant to the firms\u2019 promotion of the environmental, social, and governance movement, also known &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1291307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1766298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1766298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1766298"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1766298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1291307"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1766298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1766298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1766298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}