Washington, DC – The Texas Comptroller has updated its list of companies and investment funds that are banned from doing business with the state, continuing an unpopular attack on responsible investing.
Comptroller Glenn Heger sent a letter to six state pension funds notifying them that a new company, NatWest Group, has been added to the list bringing the total to 16 companies and 350 investment funds.
“Texas politicians continue to demonstrate they are wildly out of touch with their constituents,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “Banning companies from doing business with the state hurts the economy and punishes individuals trying to save for retirement.”
A study from the Waco-based Perryman Group shows the state’s recent divestment in companies over their stance on fossil fuels could cost Texas as much as $821 million and nearly 8,800 jobs by the end of the year.
Earlier this year, Bloomberg reported numerous banned funds have oil and gas investments, showcasing the deep flaws in Texas’ law.
Recent polling reveals 83% of Texans say it’s not government’s role to tell private financial institutions how to invest their customers’ money. In addition, 72% of Texas voters believe leaders in Texas have become less focused on fixing real problems and more focused on pushing an extreme agenda.
