{"id":1831742,"date":"2023-02-01T13:20:19","date_gmt":"2023-02-01T18:20:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1831742"},"modified":"2023-02-01T13:20:45","modified_gmt":"2023-02-01T18:20:45","slug":"oklahoma-treasurer-puts-banks-and-asset-managers-on-notice-moves-to-purge-esg-investments-from-state-government","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oklahoma-treasurer-puts-banks-and-asset-managers-on-notice-moves-to-purge-esg-investments-from-state-government\/","title":{"rendered":"Oklahoma Treasurer Puts Banks And Asset Managers On Notice, Moves To Purge ESG Investments From State Government"},"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\">34<\/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%2Foklahoma-treasurer-puts-banks-and-asset-managers-on-notice-moves-to-purge-esg-investments-from-state-government%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=1831742&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-->\n<p><a href=\"http:\/\/dailywire.com\/topic\/oklahoma\" target=\"_blank\" rel=\"noopener\">Oklahoma<\/a> Investment companies were warned by Treasurer Todd Russ that they could lose access to state funds within two months if it is not proven they aren&#8217;t involved in the &#8220;eco-social and corporate governance&#8221; movement. <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>Russ wrote to several financial companies, including BlackRock and Vanguard asset managers, and investment banks JPMorgan Chase, and UBS, warning them that his office would enforce a <a href=\"http:\/\/webserver1.lsb.state.ok.us\/cf_pdf\/2021-22%20ENR\/hB\/HB2034%20ENR.PDF\" target=\"_blank\" rel=\"noopener\">state law<\/a> Passed last year against <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\" target=\"_blank\" rel=\"noopener\">Energy<\/a> Boots of companies launched \u201cwithout an ordinary business purpose.\u201d Companies that are boycotting energy companies may be placed on a state-wide list. They will not be able service government investments.<\/p>\n<p>\u201cSuch a listing will prohibit Oklahoma governmental entities from investing in, and may potentially require divestment from your company, your company\u2019s affiliates and subsidiaries, or investment vehicles affiliated with your company, its affiliates or subsidiaries,\u201d The Daily Wire obtained the following letter. \u201cYour company may be presumed to be boycotting energy companies under Oklahoma law if you fail to timely respond to this request.\u201d<\/p>\n<p>The letter requests that the companies confirm whether they have received it. \u201ccommitted or pledged to meet environmental standards, such as reducing your greenhouse gas emissions, beyond applicable federal or state law\u201d Whether they are members or not of similar initiatives. <a href=\"https:\/\/www.netzeroassetmanagers.org\/commitment\/\" target=\"_blank\" rel=\"noopener\">Vow<\/a> To move portfolio companies closer to eliminating net carbon emissions.<\/p>\n<p>Vanguard recently <a href=\"https:\/\/www.dailywire.com\/news\/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues\" target=\"_blank\" rel=\"noopener\">We opted to withdraw<\/a> You can learn more about the initiative at \u201cprovide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks,\u201d According to a <a href=\"https:\/\/corporate.vanguard.com\/content\/corporatesite\/us\/en\/corp\/articles\/update-on-nzam-engagement.html\" target=\"_blank\" rel=\"noopener\">Statement<\/a>. The pivot was made hours after Texas legislators had finished their work. <a href=\"https:\/\/www.dailywire.com\/news\/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money\" target=\"_blank\" rel=\"noopener\">Announcement<\/a> a hearing over asset managers\u2019 alleged mismanagement of taxpayer dollars driven by ideological motives.<\/p>\n<p>Russ assumed office last month and stated in a statement that he began to compile a list for companies as soon as he was allowed. \u201cact against Oklahoma\u2019s interests\u201d They endorse the ESG movement. Critics of the investment philosophy claim that the strategy seeks out outcomes in social causes, like reducing emissions and achieving diversity racially, in a way that compromises or distracts profits maximization.<\/p>\n<p>\u201cIt is my responsibility to ensure Oklahoman\u2019s tax dollars will not be used to enrich organizations that act counter to our taxpayers\u2019 interests and our values,\u201d Russ noted. \u201cThis questionnaire provides an opportunity for financial companies to attest to their business actions as they relate to Oklahoma. Other states are taking similar steps, and Oklahoma joins them in asserting that we will not do business with financial companies who discriminate against or boycott our energy industries and businesses.\u201d<\/p>\n<p>This action is taken against Republican treasurers <a href=\"https:\/\/www.dailywire.com\/news\/states-have-pulled-nearly-12-billion-from-blackrock-this-year\" target=\"_blank\" rel=\"noopener\">Diverted<\/a> some $12 billion from asset manager BlackRock last year over the firm\u2019s promotion of the ESG movement. The Oklahoma Public Retirement System <a href=\"https:\/\/www.opers.ok.gov\/investments\/\" target=\"_blank\" rel=\"noopener\">Invested<\/a> BlackRock investment products accounted for approximately $7.4Billion as of two years ago. Russ stated that the fund now has $10Billion in assets, which is more than 60% of its total portfolio.<\/p>\n<p>Texas passed a similar law against asset managers. \u201crefusing to deal with\u201d Companies involved in production and use fossil fuels \u201cwithout an ordinary business purpose.\u201d Recently, state legislators hosted a <a href=\"https:\/\/www.dailywire.com\/news\/texas-subpoenas-schedules-hearing-for-blackrock-playing-politics-using-texans-hard-earned-money\" target=\"_blank\" rel=\"noopener\">Hearing<\/a> to determine the extent to which taxpayer funds were placed at risk as a result of firms\u2019 adoption of ESG investment strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oklahoma Treasurer Todd Russ warned investment companies that they would lose access to state funds in two months if they fail to prove they are not involved in the environmental, social, and corporate governance movement, also known as ESG. Russ sent a letter to several dozen financial companies, including asset managers BlackRock and Vanguard and &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1831745,"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":[13343,8961,7003,5045,12390,4809,5368,6885,12474,10460,6434],"class_list":["post-1831742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-asset","tag-banks","tag-esg","tag-government","tag-investments","tag-managers","tag-moves","tag-notice","tag-oklahoma","tag-purge","tag-treasurer"],"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\/1831742","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=1831742"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1831742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1831745"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1831742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1831742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1831742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}