4 Republican States Take Action Against Far-Left Investments
(RightWing.org) – Red states are turning against the world’s largest asset manager in protest against its extremist policies. Four of them are pulling their funds out of BlackRock. Compared to the firm’s total assets, it’s a mere drop in a bucket, but it could be the start of a much bigger movement.
Louisiana to remove $794 mln from BlackRock funds over ESG drive https://t.co/Y5ibXnCBJV pic.twitter.com/QdhB295uSz
— Reuters (@Reuters) October 6, 2022
Manhattan-based BlackRock, Inc. is the biggest investment company in the world, with global holdings of around $10 trillion. It has over 70 offices in 30 countries — and it’s a woke corporation with a far-left social agenda.
Since 2020 BlackRock has started pushing “environmental, social and corporate governance (ESG),” a left-wing ideology that diverts investment into woke causes and tries to force those values on companies. For example, BlackRock has been pumping cash into President Joe Biden’s green agenda while trying to punish fossil fuel companies. It’s very popular with the political left, but it’s not popular with Republicans.
On August 4, 19 Republican state attorneys general wrote to BlackRock, criticizing the company for “woke capitalism” and boycotting the energy industry. Now Arkansas, Louisiana, South Carolina and Utah — all red states — are pulling $1 billion of investments. Louisiana State Treasurer John Schroder told the company’s CEO, Larry Fink, the move was to protect his state from “mandates BlackRock has called for that would cripple our critical energy sector.”
The withdrawn funds are just 0.01% of BlackRock’s total assets, but it’s a start. If other red states do the same it could put a dent in even BlackRock’s bottom line. The company might not go broke, but it certainly won’t profit from going woke.
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