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State Board of Education cuts BlackRock off from Texas Permanent School Fund dollars
The chairman of the State Board of Education announced on Tuesday that the Texas Permanent School Fund is terminating its investment with BlackRock.
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The chairman of the State Board of Education announced on Tuesday that the Texas Permanent School Fund is terminating its investment with BlackRock.
“The Texas Permanent School Fund (PSF) has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office,” Chairman Aaron Kinsey stated.
“Today, PS leadership delivered an official notice to global asset manager BlackRock terminating its financial management of approximately $8.5 billion in Texas’ assets. Terminating BlackRock’s contract ensures PSF’s full compliance with Texas law,” Kinsey added.
Additionally, Texas’ public school teachers’ pension, the largest in the state, jettisoned more than $500 million worth of investments in BlackRock, per The Dallas Morning News.
BlackRock vehemently denies that it has discriminated against Texas oil and gas.
Blackrock invests in DEI/ESG and TX says no thanks.
TX determined that the firm is engaged in a boycott of energy companies.
The ESG movement (environmental, social, and governance), which BR is promoting, calls for investments to be pulled from traditional energy industries and diverted to green energy in the "fight against global warming".
LOL....Abbott must have talked with the ex Hertz CEO on how EVs worked out for him.