(The Center Square) - Oklahoma State Treasurer Todd Russ is taking the first step in enacting a new law that creates a public list of national financial institutions that boycott energy companies.
Gov. Kevin Stitt signed the Energy Discrimination Act into law last year that directs the state treasurer to maintain a list of financial institutions, including banks and fund managers, that are using environmental, social and governance "to penalize, inflict economic harm on, or limit commercial relations with a company."
A questionnaire was sent out to financial institutions Wednesday asking financial institutions about their stance on fossil fuels. Companies have until April 1 to return the questionnaire, or they will be placed on a public list of financial institutions, including banks and fund managers, that boycott energy companies, according to a news release from Russ' office. Financial institutions that don't respond are "presumed to be engaged in discriminating activities and will be placed on the public list of financial companies that are engaged in energy company boycotts."
"This list is crucial to provide accountability for our government entities, including organizations responsible for pension funds such as the Oklahoma Public Employees Retirement System and Teachers Retirement System to ensure our constituents' tax dollars are only invested in secure and verified financial companies that comply with Oklahoma law," Russ said in a news release. "OPERS alone has more than 60 percent of their portfolio totaling more than $10 billion managed by Blackrock, a well-known adversary of energy businesses."
Will Hild, executive of Consumers Research, said companies like Blackrock are being put on notice.
"We are now seeing a number of states stand up to Wall Street elitists who foolishly thought they could take your retirement dollars and weaponize them against you," Hild said in a statement provided to The Center Square. "Every day more Americans are becoming aware of the ESG scam and letting elected officials know they want answers to how their money is being managed, and assurance that they are getting maximized returns."
Some states have cut ties with Blackrock over its ESG policies. North Carolina Treasurer Dale Folwell called on Blackrock CEO Larry Fink to resign in December.
"Unfortunately, Mr. Fink's political agenda has gotten in the way of his same fiduciary duty," Folwell said.
Blackrock did not immediately return an email from The Center Square asking for comment.
via Oklahoma's Center Square News