{"id":1924269,"date":"2023-05-04T13:10:31","date_gmt":"2023-05-04T17:10:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oklahoma-targets-wall-street-esg-activists\/"},"modified":"2023-05-04T13:13:42","modified_gmt":"2023-05-04T17:13:42","slug":"oklahoma-targets-wall-street-esg-activists","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oklahoma-targets-wall-street-esg-activists\/","title":{"rendered":"Oklahoma aims at Wall Street ESG activists."},"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\">14<\/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-targets-wall-street-esg-activists%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=1924269&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--><h2>Oklahoma Takes Action Against Wall Street Firms<\/h2>\n<h3>Protecting Jobs and Energy for the State<\/h3>\n<p>Oklahoma is the latest state to take a stand against Wall Street firms that are hurting companies essential to providing jobs and energy for the state. Treasurer Todd Russ announced on Wednesday that 13 financial institutions, which have been deemed to be discriminating against Oklahoma\u2019s energy industry, will be banned from doing business with the state. This means they will lose access to billions of dollars in municipal fees, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oklahoma-targets-wall-street-esg-activists\/\" title=\"Oklahoma aims at Wall Street ESG activists.\">including managing state pension money<\/a>, in accordance with a recently passed Oklahoma law.<\/p>\n<p>\u201cWe\u2019re definitely a large energy-producing state,\u201d Russ told The Epoch Times. \u201cThe [law\u2019s] language is pretty clear, that we don\u2019t intend to support people that are going to work against industries in a state like ours.\u201d<\/p>\n<h3>Championing ESG Movement<\/h3>\n<p>In recent years, many of America\u2019s largest banks and asset managers have championed the Environmental, Social and Governance (ESG) movement, taking action against <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/liberal-dark-money-network-is-behind-grassroots-support-for-dem-climate-bill\/\" title=\"Liberal Dark Money Network Is Behind \u2018Grassroots\u2019 Support for Dem Climate Bill\">fossil fuel companies<\/a>, promoting social-justice causes, and in some cases, denying financial services to disfavored industries like firearms. However, in May of 2022, Oklahoma Gov. Kevin Stitt signed House Bill 2034, the Energy Discrimination Elimination Act, which requires the state treasurer to deliver to all state entities a list of financial companies that boycott energy companies.<\/p>\n<h3>The Institutions on the List<\/h3>\n<p>The institutions that Russ placed on the list include BlackRock, Wells Fargo, JPMorgan Chase, Bank of America, State Street, Grosvenor Capital Management, Lexington Partners, FirstMark Fund Partners, LLC, Touchstone VC Global Partners, WCM Investment Management, William Blair, Actis LLP and Climate First Bank. They have all been given an opportunity to respond.<\/p>\n<h3>Protecting the State\u2019s Economy<\/h3>\n<p>\u201cThe energy sector is crucial to Oklahoma\u2019s economy, providing jobs for our residents and helping drive economic growth,\u201d Russ stated. \u201cIt is essential for us to work with financial institutions that are focused on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/esg-the-invisible-fist-of-the-economy\/\" title=\"ESG: The Invisible Fist Of The Economy\">free-market principles<\/a> and not beholden to social goals that override their fiduciary duties.\u201d<\/p>\n<p>According to a report by Harvard Law School, as of March this year, at least seven states have enacted laws or regulations to bar fund managers from considering ESG factors when <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-poised-for-more-anti-esg-fights-in-2023\/\" title=\"Republicans Proposed to Take on More Anti-ESG Fights by 2023\">investing state money<\/a>. At least eight states have enacted laws to prevent their state from doing business with companies that discriminate against industries considered \u201cdisfavored\u201d by the ESG movement, and three states have done both. Conversely, two states, Illinois and Maryland, have enacted laws that require ESG considerations when investing their state pension and other funds, and six states have laws or regulations that ban investments in ESG-disfavored industries.<\/p>\n<h3>State Actions in Favor or Against ESG<\/h3>\n<p>(Standard &#038; Poors) Noting that asset managers like BlackRock, the world\u2019s largest with approximately $9 trillion under management, control significantly more m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oklahoma became the latest state to take action against Wall Street firms that it claims are hurting companies that are essential to providing jobs and energy for the state. Oklahoma\u00a0Treasurer\u00a0Todd Russ announced on Wednesday that\u00a013\u00a0financial institutions, which have been\u00a0deemed to be\u00a0discriminating against Oklahoma\u2019s energy industry, will be banned from doing business with the state, losing<\/p>\n","protected":false},"author":887,"featured_media":1924270,"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":[543],"tags":[4091,6094,7003,12474,4355,4354],"class_list":["post-1924269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-activists","tag-aims","tag-esg","tag-oklahoma","tag-street","tag-wall"],"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\/1924269","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\/887"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1924269"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1924269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1924270"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1924269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1924269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1924269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}