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The Texas Tribune
The Texas Tribune
National
Alejandra Martinez

GOP lawmakers accuse investment firms of breaking a law that prohibits divesting from oil and gas

Pumpjacks at sunrise in the Permian Basin in West Texas.
Pumpjacks at sunrise in the Permian Basin in West Texas. Republican lawmakers on Thursday accused investment firms from turning state employees and retirees away from investments funded by fossil fuels. (Credit: Jerod Foster for The Texas Tribune)

Republican lawmakers are interrogating investment companies for their shift to climate-friendly portfolios that recommend state employees and retirees cut ties with companies funded by fossil fuels. That’s because it’s now illegal in Texas.

Lawmakers serving on the Texas Senate Committee on State Affairs said during a public hearing Thursday in Marshall that these companies are not following Senate Bill 13, which was passed in 2021 and prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies.

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