Louisiana State Treasurer John Schroder: ‘We’re Not Going to Put Up’ with BlackRock

Thursday, during an appearance on Fox Business Network’s “Cavuto: Coast to Coast,” Louisiana State Treasurer John Schroder explained why Louisiana was divesting funds away from BlackRock.

Schroder said so-called ESG policies implemented by BlackRock were hurting the state.

“They’re trying to force their political agendas on Louisiana and the citizens of Louisiana, which rely heavily in a fossil fuel space, whether it’s natural gas or oil,” he said. “You know, this is just a small message, at least from Louisiana, that we’re not going to put up with it. We’re already being crushed by the federal government on their policies and what it’s doing to the oil and gas industry in our state. I don’t need corporate America to stick their nose someplace where it shouldn’t be.”

“I tell people, very simply, let business run business, let — and let the politicians who get elected by the people they represent push policies good, bad or indifferent, and come to the statehouses to do that,” Schroder continued. “And that’s not what’s happening with BlackRock.”

Schroder said he could show where the EGS policies were not a smart investment for BlackRock.

“I can show you data where their investments aren’t doing well,” he explained. “And when their numbers come out next week, I think you will be able to see it. And once we’re able to analyze it, you will be able to see that their investments aren’t necessarily the most — the number one choice for a lot of investments. But what really rankles me is that BlackRock can go do all these things, and these very large liberal corporate companies can go do any — do anything, say what they want. But when a small state like Louisiana pushes back, it’s like news. This isn’t news to me. This is something I have been fighting as treasurer for the last four-plus years.”

“We have already blocked Bank of American and Citi from doing business with our state in bonding money,” Schroder added. “I mean, I will continue to do this whenever a bank or some major corporation — in my case, it’s a bank and investment companies, because, as state treasurer, that’s what I do. That’s what I deal with. Why should I do business with companies who want to see Louisiana basically put out of business? I don’t — I don’t know why that’s news. But if they want to take some public policy and push that down to the states, I, as treasurer, under the Louisiana state Constitution, have the right and the ability to make those financial decisions. And I will not do business with companies who want to take jobs in a critical time in this economy, more jobs away from the hardworking citizens of Louisiana. It’s that simple.”

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