Texas Fires BlackRock as Manager of Its $8.5 Billion School Fund Over ESG Issues

The Texas Board of Education announced on March 19 that it would sell$ 8.5 billion in state money from BlackRock, the nation’s largest asset manager.
The move, according to Aaron Kinsey, the president of the Texas State Board of Education, was in line with Senate Bill 13 of the state’s 2023 state law, which forbids the state from funding investments in businesses that the state comptroller deems to be discriminatory against fossil fuel companies.
Texas schools are currently choosing new fund managers for the state’s Permanent School Fund ( PSF), which has previously worked for BlackRock.
According to Mr. Kinsey,” there are a number of entities in the financial services sector that are of size and not on the ban list put forth by the comptroller.”

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