The state of Louisiana is divesting its treasury funds from Larry Fink’s investment company BlackRock.
Louisiana’s Republican state treasurer John Schroder issued a warning that BlackRock’s “woke” Environmental, Social, and Corporate Governance (ESG) investing threatens Americans’ “economic freedom and individual liberty.”
In a letter to World Economic Forum member Fink, BlackRock’s chairman and CEO, Schroder noted that $560 million has already been divested and eventually $794 million will have been yanked out of the controversial firm.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Schroder wrote.
“Therefore, Louisiana Treasury will liquidate all BlackRock investments by the end of 2022.
“To date, we have divested $560 million,” he noted.
“Once complete, this divestment will reflect $794 million no longer entangled in BlackRock money market funds, mutual funds, or exchange-traded funds (ETFs) holdings.”
Schroder blasted Fink over the company’s focus on ESG investing.
“This divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector,” the state treasurer wrote.
“In my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana.
“I cannot support an institution that would deny our state the benefit of one of its most robust assets.
“Simply put, we cannot be party to the crippling of our own economy,” Schroder wrote.
“I’m convinced that ESG investing is more than bad business; it’s a threat to our founding principles: democracy, economic freedom, and individual liberty.
“It threatens our democracy, bypasses the ballot box, and allows large investment firms to push political agendas.
“It threatens our economic freedom because these firms use their massive shareholdings to compel CEOs to put political motivations above a company’s profits and investors’ returns.
“Finally, it threatens our personal liberty because these firms are using our money to push their agendas contrary to the best interests of the people whose money they are using!”