(From Seventh District Congressman Billy Long)This week, Missouri State Treasurer Scott Fitzpatrick announced that he was pulling the Missouri State Employees’ Retirement System (MOSERS) from the investment company BlackRock over concerns about their Environmental and Social Governance (ESG) policies. The move amounts to $500 million in state pension funds being removed from the company. So what is ESG, and why is it concerning to the MOSERS?
ESG is a concept of investing money based on Green New Deal policies and other left-wing social priorities above other considerations. This is fine for an individual investor, but in the case of BlackRock, they are making these investments against their fiduciary responsibilities to their clients.
Missouri’s state employees who are paying into the system don’t have any say over where BlackRock invests their money. This is a major concern, since BlackRock should be investing the MOSERS money into accounts that will benefit their clients, not based on which company is the most woke.
Due to these policies, Missouri is the latest in a long line of states moving away from companies like BlackRock. These states are West Virginia, Louisiana, Texas, Kentucky, Oklahoma, Florida, South Carolina, Arizona, Idaho, Utah, Wyoming, Arkansas and North Dakota.
Before making this decision, Treasurer Fitzpatrick said that the MOSERS board of trustees asked BlackRock to stop using ESG with their account. They refused to do so, which led to this week’s move.
BlackRock is not alone in their push to prioritize ESG investments. Companies like State Street and Vanguard also engage in these policies. They push this radical social and environmental agenda because these policies have failed in Congress. It’s an anti-democratic way of achieving their radical goals.
BlackRock is not alone in their push to prioritize ESG investments. Companies like State Street and Vanguard also engage in these policies. They push this radical social and environmental agenda because these policies have failed in Congress. It’s an anti-democratic way of achieving their radical goals.
If they want to invest their own money using ESG that’s fine, but they shouldn’t be using money that belongs to their clients to advance these ideas without even telling their clients that this is going on. It’s dishonest and breaks every rule of fiduciary duty.
When employees pay into their retirement system, they should feel assured that the money will be invested in companies that will provide the highest returns for them. How would you feel if you were finally ready to retire, only to find out that your retirement had been spent on a left-wing agenda instead of on companies that would get you more money to retire comfortably? It is irresponsible for companies like BlackRock to engage in these ESG practices with money that belongs to their customers. I applaud Treasurer Fitzpatrick and other states who have moved away from companies that use these deceptive practices and encourage more states to do the same.
When employees pay into their retirement system, they should feel assured that the money will be invested in companies that will provide the highest returns for them. How would you feel if you were finally ready to retire, only to find out that your retirement had been spent on a left-wing agenda instead of on companies that would get you more money to retire comfortably? It is irresponsible for companies like BlackRock to engage in these ESG practices with money that belongs to their customers. I applaud Treasurer Fitzpatrick and other states who have moved away from companies that use these deceptive practices and encourage more states to do the same.
2 comments:
You're not running anymore, billy. You lost. Give it a rest. Move to Vegas. Run a steakhouse.
I know how I feel seeing that MOSERS (the source of my retirement pension) is being forced to follow the financial decisions of some of the most poverty stricken, financially depressed and flat out ignorant parts of the country! They've been making money for MOSERS--leave Blackrock alone!
Post a Comment