Texas School Fund Yanks $8.5 Billion from BlackRock Over ESG Investing
By Carole Hornsby Haynes March 21, 2024
Texans are fighting back against against theEnvironmental Social Governance (ESG) politically-motivated movement by yanking $8.5 billion of Texas Permanent School Fund (PSF) assets from global asset manager BlackRock.
Major fund managers including BlackRock, State Street, and Vanguard have colluded to phase out Texas’ energy production within the next 15 years. This will have a dramatic impact on Texas public education because the PSF is primarily funded by oil and gas royalties.
One of the most important roles of the Texas State Board of Education is oversight of the School Fund. Established by the Texas Constitution in 1854, the fund now has more than $52 billion in assets, the second largest such fund in the nation. Annually the fund distributes billions of dollars to local school districts to lower the burden on taxpayers. If Texas energy production is wiped out, then local districts will be forced to fund hundreds of millions of dollars for public education, with the cost being passed on to taxpayers.
Texas Senate Bill 13, which became law last year, prohibits state funds from being given to organizations that boycott energy companies. To remain compliant with the new law, Texas has no option but to divest the PSF from BlackRock.
With the ESG movement, free enterprise is out and “woke” corporatism is in. The crooked Mafia-style extortion racket isbeing waged by big government and big business colluding to control the economy. Because ESG prioritizes a political agenda rather than profits, funds are invested in companies which oppose fossil fuels, promote unionization, and stress racial and gender equity over personal merit in hiring and corporate board selection. Otherwise, the companies will get a low ESG social cedit score that could destroy their businesses.
A major tool for pushing the woke agenda into companies is the social scoring Corporate Equality Index – CEI-- that is overseen by the Human Rights Campaign, the largest LGBTQ+ political lobbying group in the world. HRC has received millions of dollars from George Soros’ Open Society Foundation, along with others. The organization actually issues report cards for America’s biggest corporations, using the CEI to award or subtract points for how well the company is toeing the line on their woke agenda.
ESG scores are a key component of the Great Reset movement for the New World Order. The World Economic Forum and several other globalist institutions are calling for a change in capitalist priorities by implementing ESG scores to push their agenda. Many publicly traded investment managers like BlackRock use these non-financial ESG scores to influence corporations to change their policies, products, and business practices.
Using ESG social scores, the Biden administration and “woke” financial corporations are pushing the radical climate agenda. They’re cutting off access to money for the fossil fuel industry in order to bankrupt it. ESG scores are like Communist China’s social credit scores. If you don’t have a good score, you can’t take out money out of the bank. You can't buy a plane ticket or train ticket to travel to another Chinese province. You can't get a job. Your ESG score determines whether you’re socially acceptable. If not, then others won’t associate with you because the government will crack down on them, too.
The progressive socialist left is moving us ever closer to human bondage under the communist New World Order. We have little time left before America falls to a dicatorshito stop the tyranny.What can we do to stop ESG? A lot!!! 1) A state can refuse to allow their pension funds to be invested in companies that support ESG. Governor DeSantis pulled $2 billion worth of Florida’s state assets managed by BlackRock. 2) Americans can boycott companies that promote ESG. 3) We can stand up and raise our voices to call them out, raise red flags, talk with your friends and family and encourage them to do the same. 4) State legislators can pass laws. Tennessee, Kentucky, Oklahoma, West Virginia have passed great bills. West Virginia basically said oil, gas, coal are important industries in our state. So they're not going to do any of their banking with big financial firms that are pushing ESG, because it's going to hurt West Virginia. They’re taking their financial contracts elsewhere.