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Sean D. Reyes
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AG Reyes Calls Out Potentially Unlawful Market Manipulation by Investment Firm

SALT LAKE CITY – Attorney General Sean D. Reyes joined a coalition of 19 states that sent a letter to BlackRock Inc., calling out its practices of putting investors’ interests and returns behind the asset manager’s leftist politics.  Some states work with BlackRock for retirement plans, pension funds, and investments, but the company seems to be more interested in environmental, social, and governance (ESG) factors. 

BlackRock recently sent a letter to several states, claiming it focuses solely on its fiduciary duty and has joined climate organizations merely for “dialogue.”  The attorneys general responded by pointing out inconsistencies and conflicts between BlackRock’s letter and its public statements and commitments.  BlackRock’s focus isn’t “dialogue,” as the descriptions on its website include ensuring the world’s largest greenhouse gas emitters take necessary action on climate change and support the Paris Agreement.

It appears that anyone purchasing a BlackRock fund is forced to support ESG whether they like it or not.  General Reyes’s letter demands that BlackRock clarify its mixed messages and come clean on whether it values our state’s most valuable stakeholders, our current and future retirees.

Joining General Reyes are the attorneys general of Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Ohio, South Carolina, Texas, and West Virginia.

Copy of the letter here.