Alaska Attorney General Treg Taylor is joining a 21-state coalition in filing formal criticism with the U.S. Securities and Exchange Commission about a proposed rule requiring investment funds to consider “Environmental, Social and Governance (ESG)” factors when making investment decisions.
The proposed rule, called “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social and Governance Investment Practices,” is an effort by the SEC to transform itself from the federal regulator of securities into a “regulator of social ills,” according to the coalition.
ESG investing practices by major firms like BlackRock, with $10 trillion under management, have a possible negative impact on retirement funds for Americans. ESG investment houses are making investment decisions contrary to the interests of retirees who are on fixed incomes, by making investments that place ESG over the needs of their clients. BlackRock manages several public sector retirement funds, and the company is pushing a net-zero energy transition among American companies it invests in. Last year it used its financial prowess to install climate activists on the boards of companies such as ExxonMobil.
The attorneys general are not the only ones calling out BlackRock. Glenn Beck wrote, “Why would BlackRock, the world’s leader in ESG, take half a billion dollars from Saudi Arabia — a country that’s doing the exact opposite of what BlackRock promotes? Maybe it’s because ESG is a scam that’s all about power, control, and money.”
In December of 2020, Dunleavy was the first governor to talk publicly about the hypocrisy of ESG funds. In 2022, he introduce HB 401, which would stop the state from doing business with institutions that target Alaska’s economy under the ESG rubric, but that profit from hostilities generated by bad-actor nations.
Dunleavy rolled out the bill, making it clear the revenue windfall was coming on the backs of human misery, and into profits of liberal financial institutions that claim to stand up for rights of oppressed. The legislation, which took aim at the hypocrisy of these ESG institutions, never passed. The House majority passed some meaningless resolutions, didn’t advance anything that has teeth and HB 401 expired with the end of session.
The West Virginia legislature passed a bill last month that puts it in law: It will no longer do business with Wall Street firms that boycott the fossil fuel industry.
West Virginia treasurer Riley Moore (R.) decided this week that BlackRock, Wells Fargo, JP Morgan Chase, Morgan Stanley, and Goldman Sachs, are ineligible for state banking contracts due to their boycotts of fossil fuels. The ban will cost the Wall Street firms $18 billion per year, according to Moore’s office.
This week’s letter is another arrow at ESG investment firms. Alaska is joining the states of West Virginia, Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, South Carolina, Texas, Utah, Virginia, and Wyoming.
A copy of the letter:
It doesn’t matter. Once the recession truly hits up here in a few months Blackrock will buy up all of the houses and let them sit idle. A few years from now the houses will be rented out to a new crop of west coast transplants who will vote 100% for the newest ESG craze that harms Alaska’s economy.
Now that’s the Mike I voted for 4 years ago. Keep standing tall Mike and you will earn back our respect.
Interesting the Dunleavy was the first governor to sound the alarm on this. Too bad the legislature was too concerned with its own ego to listen to him. But this was typical of the legislature’s response during his first term. And with Geisel on the way back to a Senate seat, what will the next four years bring? Bryce Edgmon is also back – no opposition in his house district. At least Alaska is joining several other state in questioning the investment requirements placing ESG over the concerns and needs of their clients. West Virginia’s new law that says certain large banks are no longer eligible for banking contracts due to their boycotts of fossil fuels should be adopted by all the other states, Alaska included.
Overdue
ESG = Extremism, Stupidity, Groupthink.
The “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social and Governance Investment Practices” is an example of the swindling that government perpetrates of people’s hard earned savings. This suit is well founded, and I appreciate Alaska joining.
How much of our Permanent Fund is handled by these ESG firms? Does it really take some law passed by the legislature to stop this?
Blackrock is scary. They’ve purchased huge amounts of commercial real estate, apartment complexes, and homes. On the rentals they do short term leases and bump rents every 6 months. They buy residential homes with cash far over market value eliminating private buyers. There is a motivation behind this and soon Americans will own nothing. The Board of Directors are all Globalists. EPA, FBI, and now another gov’t agency fallen, the SEC.
Vanguard isn’t any better.
When the woke people start demanding their favorite sportsball team select players based on ESG factors instead of actual performance, I will begin supporting it. Until then, this is nothing more than leftist bullying.
“Leftist Bullying”
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That is a redundancy, CBM.
With leftists, bullying, and the exercise of raw, naked power, is their entire raison d’etre.
Is Vanguard also an issue?
All laws which are repugnant to the Constitution are null and void from inception. Marbury V Madison 5 US 137, 174, 176 1803. STILL good law.
Blackrock is a national security threat.
Someone just pointed out to me that the most recent appointment to the Alaska Permanent Fund Board of Trustees may contravene or belie this action by the Alaska Attorney General. What do you think?
Might want to rethink that one, Guv…
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Communist Chinese are heavily invested in BR and vice versa.
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BR could well be the proxy agent through which China Bill Walker’s people intend to buy Alaska’s natural resources, politicians, telecommunications, Permanent Fund, real estate, whatever the CCP finds useful.
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10T’s a lotta bucks, Guv… probably bought more than a few state and federal pols, including unelected feds, who’ll be understandably upset with you.
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Dream Team, no? BR with much of the world’s money joining with the CCP, world-class predatory lenders, and China Bill Walker’s people who… well they’re not saying what they did in the dark with their new CCP BFF’s but it can’t be good if it’s something intimate with America’s most powerful enemy.
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Sure and it looks like David and Goliath all over again… but it worked well the first time and no one’s got a better idea.
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Thanx, Guv.
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