Louisiana Treasurer is parting with BlackRock’s state funds

Louisiana is separating from the treasury of the controversial investment company BlackRock.

in one Letter Speaking to BlackRock Chairman and CEO Larry Fink, Louisiana State Treasurer John Schroder, a Republican, noted that $560 million had already been divested and eventually $794 million was pulled out of BlackRock.

“Your blatantly anti-fossil fuel policy would destroy Louisiana’s economy,” Schroeder wrote. “As such, Louisiana Treasury will liquidate all BlackRock investments by the end of 2022. To date, we’ve sold $560 million,” he noted. “Once this divestment is complete, this divestment will reflect $794 million no longer involved in BlackRock money market funds, mutual funds or exchange-traded funds (ETFs).”

While Schroder acknowledged that BlackRock does invest in oil and gas companies, he criticized the company’s focus on environmental, social and governance investing.

“This divestiture is necessary to protect Louisiana from policies and policies that would actively seek to cripple our fossil fuel sector. In my opinion, your support of ESG investing is not in line with the best economic interests and values ​​of Louisiana. I cannot support an institution that does that would deny our state the benefit of one of its most robust assets. Put simply, we cannot be involved in the paralysis of our own economy,” wrote the State Treasurer.

“I believe ESG investing is more than just bad business; they pose a threat to our founding principles: democracy, economic liberty, and individual liberty. They threaten our democracy, bypass the ballot box and allow big investment firms to advance political agendas. It threatens our economic liberty because these companies use their massive holdings to force CEOs to prioritize political motivations over corporate profits and investor returns. After all, it threatens our personal freedom because these companies are using our money to impose their agenda against the best interests of the people whose money they are using!” Schröder wrote.

https://www.theblaze.com/news/louisiana-treasurer-divest-blackrock-egg Louisiana Treasurer is parting with BlackRock’s state funds

Laura Coffey

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