{"id":1768658,"date":"2022-12-09T06:07:08","date_gmt":"2022-12-09T11:07:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1768658"},"modified":"2022-12-09T07:03:46","modified_gmt":"2022-12-09T12:03:46","slug":"texas-legislature-subpoenas-blackrock-for-documents-linked-to-esg-effort","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-legislature-subpoenas-blackrock-for-documents-linked-to-esg-effort\/","title":{"rendered":"Texas Legislature Subpoenas Blackrock for Documents Linked to ESG Effort"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/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-legislature-subpoenas-blackrock-for-documents-linked-to-esg-effort%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=1768658&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/GettyImages-1240905176-1-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p class=\"subheading\">The Texas legislature\u00a0subpoenaed BlackRock and any of its subsidiaries and affiliate entities last month for any documents related to the asset manager\u2019s effort to push\u00a0Environmental, Social, and Governance (ESG) policies.<\/p>\n<p class=\"a8d-pre\">The\u00a0<a href=\"https:\/\/app.box.com\/s\/d8w7eq38jrg3hhptdd7iido448didwwh\">subpoena<\/a>, first <a href=\"https:\/\/www.foxbusiness.com\/politics\/texas-subpoenas-blackrock-documents-related-esg-push\">reported<\/a> by Fox Business, was from the Texas Senate Committee on State Affairs and requested any documents related to\u00a0\u201cESG Integration Practices\u201d and \u201cESG Factor\u201d that BlackRock has in its position.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>The\u00a0subpoena came after the committee wrote a letter to BlackRock, Vanguard, State Street, and Institutional Shareholder Services (ISS) in August for documents related to any\u00a0ESG decision-making process. Fox Business reported that\u00a0Vanguard, State Street, and ISS turned over the\u00a0relevant information the Texas Senate committee requested, while\u00a0BlackRock failed to do so, leading to the\u00a0<a href=\"https:\/\/app.box.com\/s\/d8w7eq38jrg3hhptdd7iido448didwwh\">subpoena<\/a>.<\/p>\n<p class=\"a8d-pre\">ESG policies are a <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/07\/27\/exclusive-republican-study-committee-unveils-legislative-agenda-to-combat-leftist-esg-investing\/\">form<\/a> of leftist activism in financial investing that has become the latest vector to\u00a0influence the way\u00a0Wall Street financial firms and corporations continue to take social and political positions that do not relate to their business,\u00a0<a class=\"x5l\" href=\"https:\/\/www.cfainstitute.org\/en\/research\/esg-investing\" target=\"_blank\" rel=\"noopener external\">such<\/a> as stances associated with climate change, as well as the Diversity, Equity, and Inclusion (DEI) agenda.\u00a0Wall Street firms, such as BlackRock and others, sell ESG as a way to invest according to specific\u00a0criteria that the political left pushes on voters and consumers.<\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Texas state Senate Committee on State Affairs\u00a0chairman\u00a0Bryan Hughes told Fox Business in a statement:<\/p>\n<blockquote>\n<p>The Committee needs these documents to uncover the extent to which these firms have been playing politics using Texans\u2019 hard-earned money. Next week we will hold a hearing where each firm will appear and give account to the people of Texas. \u2026\u00a0While each firm has produced documents, some have provided more than others. BlackRock in particular has refused to provide documents it considers internal or confidential.<\/p>\n<p>Accordingly, we have issued a subpoena to BlackRock for the production of additional documents the committee needs to complete its work. \u2026 We will not allow these firms to continue to use Texans\u2019 money to force a narrow political agenda. They have a legal duty to put their investors\u2019 interests first, and we intend to make sure they do.<\/p>\n<\/blockquote>\n<p>Earlier in the week, the committee chairman announced they would hold a hearing on December 15 to discuss the impact ESG policies from Wall Street financial institutions have on Texans. Reportedly the committee invited\u00a0officials from the companies to testify, including BlackRock.<\/p>\n<p>Fox Business explained that Texas\u00a0lawmakers and state\u00a0comptroller Glenn Hegar started to focus on how such radical left-leaning policies pushed by\u00a0corporate boardrooms can harm the\u00a0Texas state pension plans. Many states, like Texas, are concerned about the policies\u2019 negative effects on the oil and gas industry. Additionally, the\u00a0state\u00a0comptroller\u2019s office recently published a list of\u00a0financial institutions \u2014 including BlackRock \u2014 that have engaged in left-wing policies to boycott\u00a0energy companies.<\/p>\n<p>Republicans have started aggressively fighting back against the ESG movement being championed by asset managers across the county.<\/p>\n<p>Last month, multiple state treasurers <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/11\/21\/republican-state-treasurers-plot-anti-esg-strategy\/\">attended<\/a> the\u00a0State Financial Officers Foundation (SFOF) conference,\u00a0where numerous\u00a0state treasurers\u00a0from across the country launched their strategy against ESG policies. The group <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/11\/21\/republican-state-treasurers-plot-anti-esg-strategy\/\">launched<\/a> a website, along with a video explainer, hoping to educate Americans on the dangers of ESG policies.<\/p>\n<p>At the conference, <a href=\"https:\/\/www.breitbart.com\/tag\/state-treasurers\/\">multiple<\/a> state treasurers <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/11\/23\/exclusive-west-virginia-treasurer-riley-moore-esg-policies-are-the-destruction-of-fossil-fuel-industry\/\">explained<\/a> to Breitbart News that ESG policies <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/12\/01\/exclusive-missouri-treasurer-scott-fitzpatrick-esg-latest-acronym-leftist-activism\/\">hurt<\/a> each state <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/12\/01\/exclusive-missouri-treasurer-scott-fitzpatrick-esg-latest-acronym-leftist-activism\/\">differently<\/a> but\u00a0collectively financially hurt all American taxpayers.\u00a0Hence, they came together in a joint effort to combat the left-wing policies masquerading in economics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Texas legislature\u00a0subpoenaed BlackRock and any of its subsidiaries and affiliate entities last month for any documents related to the asset manager\u2019s effort to push\u00a0Environmental, Social, and Governance (ESG) policies.<\/p>\n","protected":false},"author":1,"featured_media":1768661,"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":[547],"tags":[7002,5458,5407,4709,7003,4199,5952,3819,7001,3694],"class_list":["post-1768658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-blackrock","tag-bongino","tag-documents","tag-effort","tag-esg","tag-legislature","tag-linked","tag-report","tag-subpoenas","tag-texas"],"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\/1768658","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1768658"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1768658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1768661"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1768658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1768658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1768658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}