Texas School Fund Divests $8.5 Billion from BlackRock Over ESG Policies

The Texas Permanent School Fund (PSF) cuts ties with BlackRock, withdrawing an $8.5 billion investment due to the asset manager’s ESG advocacy.

State Board of Education Chairman Aaron Kinsey cites non-compliance with Texas law prohibiting investments in companies like BlackRock that boycott energy firms.

Kinsey underscores PSF’s fiduciary duty to safeguard oil and gas royalties. He criticizes BlackRock’s ESG leadership, deeming it detrimental to Texas’ economy.

Kinsey affirms the move as protecting Texas’ financial independence. Former GOP candidate Vivek Ramaswamy applauds the decision, while BlackRock defends its contributions to Texas’ economy.