BlackRock fights back against Texas move to pull $8.5 billion in assets



While BlackRock escaped a ban in Arkansas over its ESG policies, it continues fighting last week’s move by the Texas State Board of Education to pull $8.5 billion in assets from the major investment firm.

BlackRock, already banned in Oklahoma for allegedly discriminating against the oil and gas industry issued a statement saying it was “dismayed” over what Texas did.

BlackRock Vice Chairman Mark McCombe sent a letter this week to Texas School Board Chair Aaron Kinsey pointing out how BlackRock had generated $250 for the Texas Permanent School Fund in the past 18 years. McCombe denied the company is discriminating against oil and gas firms.

Texas adopted a law in 2021 created in response to many investment firms and their oil and gas discrimination because of their ESG policies.

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