Last week anti-responsible investing forces in Oklahoma suffered a blow when a judge updated a previous ruling from temporarily blocking to permanently blocking a state anti-ESG law.
From FOX25: In 2022, a law was passed preventing the state from investing in companies who boycott the oil and gas industry. There’s a list of blacklisted banks created by the state Treasurer. Some of those banks include Wells Fargo, J.P. Morgan Chase and Blackrock. Collin Walke’s client has been suing the Treasurer for the law, in a case that was recently taken over by the Attorney General.
A study earlier this year found that Oklahoma’s anti-ESG law cost cities and municipalities millions of dollars, costs ultimately passed onto taxpayers.
The article continues, Speaking with FOX25 on Friday, Walke said the law preventing investment in companies who don’t support oil and gas doesn’t benefit all Okahomans. “Taxpayers should want the state government to invest their money to get the highest return, period,” he said. “This act is set up in such a way where taxpayer dollars can actually go to harm pension beneficiaries because it’s purpose is to protect a different industry, not the pension beneficiaries.” His argument is that if an environmentally friendly company is making the state money, that’s a benefit to the state.
Multiple studies show how draconian anti-responsible investing laws are extremely harmful to hard-working Americans.
- The Kansas State Division of the Budget projected reduced returns of $3.6 billion over 10 years for the Kansas Public Retirement System if anti-ESG investment restrictions were adopted.
- The Arkansas Public Employees Retirement System estimated they could lose $30-40 million each year due to an anti-ESG bill requiring public divestiture from institutions using ESG-related metrics.
- Taxpayers in six states — Kentucky, Florida, Louisiana, Oklahoma, West Virginia and Missouri — could be on the hook for up to $700 million in excess interest payments if restrictions on sustainable investing are implemented.
- Texas’ anti-ESG laws could cost taxpayers $22 billion.
