The Latest Breaking News from BlackRock

The move is one of many steps top conservatives are taking to dismantle financial ESG policies.

At a senate committee hearing in Marshall, Texas Republican lawmakers accused investment firms of pulling back on fossil fuels, running afoul of a 2021 law that prohibits the state from contracting with or investing in companies that “boycott” oil, natural gas and coal companies.

That was quite the bill of particulars that Mark Brnovich and Doug Peterson laid against BlackRock, the world's largest money management firm, back in August.

They want companies to stay out of politics.

Vanguard Group, the investment giant whose offices in Malvern, Pennsylvania, have been targeted by environmentalists demanding it pressure companies to stop burning carbon fuels, now faces backlash from states who say its efforts to address climate change threaten investment profits for pension funds and other clients.

Hedge fund says company still too attached to fossil fuels as it promotes eco-conscious strategy

Last week, the state of Florida, at the direction of Governor Ron DeSantis (R) and State Chief Financial Officer (CFO) Jimmy Patronis, became the latest state to divest funds from BlackRock over its sustainability and ESG policies:

The sunshine state's conservative CFO is pulling $2 billion of taxpayer assets from BlackRock for promoting environmental, social, and governance (ESG) principles.

Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences.