Oklahoma Just Joined the Fight Against ESG Investing

As part of our ongoing efforts to protect investors and consumers whose assets are managed in large firms, we also try to prevent them from losing out because of woke priorities that were sold as “ESG“Oklahoma State Treasurer Todd Russ has put financial companies on notice. You must confirm that you are not involved in a boycott or ban from doing business with Oklahoma state government entities. The Sooner State ban on doing business could lead to woke companies being unable to do business with them. 

In a letter to dozens of financial companies — including familiar ESG-pushing names such as BlackRock, Vanguard, and State Street — Treasurer Russ explained that the Oklahoma Energy Discrimination Act of 2022 requires him to “prepare and maintain a list of financial companies that boycott energy companies.”

Russ’s Office is required to create this list. “requests a written verification of your company’s position regarding the boycott of energy companies, executed and verified by an authorized representative of your company” Which must be completed and returned at the Oklahoma State Treasurer’s (OST) “no later than 60 days after receiving” Russ’ letter. The treasurer noted that a company was mentioned. “may be presumed to be boycotting energy companies under Oklahoma law” If they “fail to timely respond” At OST’s request. 

OST asks financial entities 15+ questions. “Has your company committed or pledged to meet environmental standards, such as reducing your greenhouse gas emissions, beyond applicable federal or state law with respect to its lending, investing, or underwriting portfolio, or with respect to the companies with which your company does business?” “Do you belong to the Net Zero Asset Managers initiative?”

Registering on the State of Oklahoma’s energy-boycotting list “will prohibit Oklahoma governmental entities from investing in, and may potentially require divestment from your company, your company’s affiliates and subsidiaries, or investment vehicles affiliated with your company, its affiliates, or subsidiaries,” Further explanations of the letter by OST are available.

“I took office on January 9th and began compiling a list of companies, banks, and other entities that act against Oklahoma’s interests because of their ESG stance,” Treasurer Russ stated. “It is my responsibility to ensure Oklahoman’s tax dollars will not be used to enrich organizations that act counter to our taxpayers’ interests and our values,” He explained. “Other states are taking similar steps, and Oklahoma joins them in asserting that we will not do business with financial companies who discriminate against or boycott our energy industries and businesses.”

“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 (OPERS), Teachers Retirement System (TRS) to ensure our constituents’ tax dollars are only invested in secure and verified financial companies that comply with Oklahoma law,” Russ noted. “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,” He said. 

That is, BlackRock alone could be out $10 billion just from one State of Oklahoma entity — and there were dozens of financial companies who received the OST letter and other Oklahoma entities from which energy boycotting companies could lose business. 

Many other Republican-led states took similar steps to divest financial companies that push ESG priorities to the detriment customers and state’s economy. Kentucky, Missouri, TexasWhile 13 states have been working with others to get their state funds out of the hands of ESG-obsessed asset manager, he and others also did so. Immediately took action Vanguard cannot buy shares in publicly traded utilities to stop them from achieving their goal “decarbonizing” The energy industry and 19 States A probe was launched Major banks have been involved in a United Nations alliance to promote ESG.

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