Oklahoma Blacklists 13 Financial Institutions Deemed to Be Boycotting Energy Companies

Oklahoma state Rep. Todd Russ, R-Cordell, talks about a teacher pay raise during a budget
Sue Ogrocki/AP Photo/Ross D. Franklin
Jacob Bliss
Washington, DC

Oklahoma State Treasurer Todd Russ (R) announced on Wednesday that the Sooner State is blacklisting 13 financial institutions deemed to be boycotting the energy industry within the state.

Russ is blacklisting 13 financial institutions, including asset managers BlackRock and State Street, for engaging in ESG (environmental, social, and corporate governance) investing and are deemed to be participating in energy boycotts and, under a recently passed Oklahoma law, will be banned from doing business in Oklahoma.

This ultimately makes the institutions lose access to billions of dollars from government entities.

The list of restricted financial institutions includes BlackRock, Wells Fargo and Co., JPMorgan Chase & Co, Bank of America Corporation, State Street Corporation, Grosvenor Capital Management, Lexington Partners, FirstMark Fund Partners LLC, Touchstone VC Global Partners, WCM Investment Management, William Blair, Actis LLP, and Climate First Bank.

It comes after Russ sent a letter to numerous national financial institutions, exclusively reported by Breitbart News in February, demanding answers to a questionnaire asking who is “boycott[ing] energy companies” in Oklahoma.

After receiving nearly 160 responses, Russ determined that 13 financial institutions are participating in energy boycotts and will ultimately be banned from doing business with Oklahoma.

The letter was required after the Oklahoma Legislature passed legislation last year that requires the state’s treasurer to determine and provide a list of financial companies “taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company” due to fossil fuels and the left-wing ESG criteria.

The companies had until April 1 to return their answer. Companies who fail to respond within 60 days are presumed to be engaging in “boycotting energy companies” and would therefore be placed on the boycott list.

“The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth,” the Oklahoma state treasurer said in a statement. “It is essential for us to work with financial institutions that are focused on free-market principles and not beholden to social goals that override their fiduciary duties.”

Derek Kreifels, the CEO of the State Financial Officers Foundation, released a statement cheering on Russ for protecting his state against ESG:

This is a significant step by Treasurer Russ in guarding his state’s financial security against ESG advocates like BlackRock and State Street and other financial institutions that boycott energy companies and prioritize agendas that run contrary to Oklahoma taxpayers’ interests. Treasurer Russ and state financial officers across the country are at the forefront of the fight against ESG, ensuring that American families’ savings are invested according to their values and not ESG extremists.

As Kreifels noted, over this past year, Republicans nationwide have started to take aim at the ESG policy movement. Multiple state financial officers have explained to Breitbart News that ESG policies hurt each state differently but collectively hurt all American taxpayers financially.

Will Hild, the executive director of Consumers’ Research, also said, “Treasurer Russ has acted on behalf of his constituents, showing what real leadership is about. This list from Oklahoma is the latest in a number of states who are standing up to woke companies like BlackRock and its CEO Larry Fink.”

“This is what happens when you wage war on the pocketbooks of the American people for the sake of a radical progressive agenda. You lose,” Hild added. “Every day more Americans are becoming aware of the ESG scam and our most resolute elected officials are standing for American values and fiduciary duty and refuse to cave to the radical Leftist agenda.”

Related: White House’s Deese on ESG: Companies Should Follow “Fiduciary Interests” — We’re Incentivizing Investment in Green

***update***

Following the publication of this story, a BlackRock spokesperson told Breitbart News that the asset manager is a “leading investor in the Oklahoma energy sector.”

“On behalf of our clients, we invest over $15 billion in public energy companies based in Oklahoma and $320 billion in public energy companies globally. We invest billions more in renewable energy firms,” the BlackRock spokesperson added. “BlackRock offers our clients the choices to help them achieve their investment objectives. Boycott lists raise costs for Oklahoma taxpayers and reduce returns for firefighters, teachers, and state employees seeking to retire with dignity.”
Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.

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