[FoxNews] A coalition of 21 state attorneys general sent a stark warning to dozens of financial institutions and asset managers, warning them against pursuing woke environmental and social initiatives.
In a letter sent Thursday to 53 of the nation's largest financial institutions, which collectively manage trillions of dollars worth of assets, the attorneys general threatened to take legal action if the firms veer from the best interests of their clients while pushing social priorities. The effort, led by Montana, Utah and Louisiana, comes ahead of proxy season during which most companies hold annual shareholder meetings where they vote on key policy initiatives.
"This ESG nonsense is filtering into a lot of our states and the way they're doing it is really, really concerning and probably flagrantly illegal," Montana Attorney General Austin Knudsen told Fox News Digital in an interview. "Pushing it through these asset managers and through these proxy votes is extremely concerning."
"The message is: 'Stay in your lane and do what you're supposed to do. You have a fiduciary obligation under our various states laws to maximize investment. That's your job. That's what you're supposed to be doing. We're aware of state law and if it needs be, we will defend our state pensioners against anything outside that lane.'"
The letter, first obtained by Fox News Digital, stated that in recent years large asset managers, which hold majority stakes in major publicly-traded companies, have used client assets to change companies' behavior to align with so-called environmental, social and governance (ESG) standards.
Critics — including attorneys general, state treasurers, the energy industry and consumer advocacy groups — have accused ESG-focused asset managers of sidestepping their legally-mandated fiduciary duty of looking out for the wellbeing of clients whose money they manage.
"You are … not only bound to follow the general laws discussed above but also have extensive responsibilities under both federal and state laws governing securities," Knudsen and the other attorneys general stated in the letter. "Broadly, those laws require you to act as a fiduciary, in the best interests of your clients and exercising due care and loyalty."
"Simply put, you are not the same as political or social activists and you should not be allowing the vast savings entrusted to you to be commandeered by activists to advance non-financial goals," it continued.
The attorneys general took particular issue with ESG practices that push aggressive climate policies which opponents have argued would hamper the fossil fuel industry and increase consumer energy prices.
The letter Thursday highlighted that asset managers participate in Climate Action 100+ and have joined the Net Zero Asset Managers Initiative (NZAM). The two associations require members to make certain climate commitments.
For example, the NZAM requires members to "accelerate the transition towards global net zero emissions and for asset managers to play our part to help deliver the goals of the Paris Agreement." NZAM members also commit to implement "a stewardship and engagement strategy, with a clear escalation and voting policy, that is consistent with [their] ambition for all assets under management to achieve net zero emissions by 2050 or sooner."
And the Climate Action 100+ initiative seeks commitments from boards and senior management to "reduce greenhouse gas emissions across the value chain" via net zero commitments.
"None of this is financially defensible," the attorneys general stated in their letter. "Instead, it is a transparent attempt to push policies through the financial system that cannot be achieved at the ballot box."
Knudsen added that he was concerned ESG policies would ultimately harm Montana residents by reducing their energy options and hiking prices.
"Montana's a northern state. It gets really, really cold," he told Fox News Digital. "We can't heat our homes with rainbows and fairy dust. That's basically what we're talking about here when we're talking about solar or wind power. When it's 40 below in February in Montana, the sun doesn't shine and the wind doesn't blow."
"We've got a million people to keep warm. So, we have to have reliable energy," he said. "And Montana is an energy producing state. We do produce oil, we do produce natural gas, and we do produce some of the highest quality coal in the world. So, I mean, to me, that's a no-brainer."
Knudsen noted that New York-based BlackRock, one of the asset managers addressed in the letter, owns a 25% stake in NorthWestern Energy, Montana's largest regulated utility company.
BlackRock, which alone manages more than $8.5 trillion, has explicitly leveraged client funds to push green transition policies to combat global warming. In 2021, the firm's CEO Larry Fink said that pension funds, foundations and endowments "should have a loud voice with [fossil fuel] companies to move forward."
The letter Thursday also warned against taking certain actions promoting race and gender quotas or abortion. More than 20 abortion-related proxy measures have been proposed this year, more than every other year combined, according to the shareholder advocacy group As You Sow.
In addition to BlackRock, the letter was sent to Franklin Templeton, Goldman Sachs, HSBC, Invesco, JP Morgan, State Street and dozens of other asset managers.
[BEE] CYPRESS, CA — Members of a local gym were shocked and distracted today after a woman — who was clearly new and not familiar with the expected attire of exercising females — spent her entire workout actually wearing clothing.
"She obviously has no idea what she's doing," said gym member Cody Faust. "As you can see from looking at all of the other ladies here, she's dressed far too modestly. It's such an unusual sight that it's honestly really distracting."
Other women working out were not pleased with the fully clothed woman taking attention away from them. "Who does this girl think she is?!" asked Brittni Jackson, whose gym attire would have to be pixelated if this story were being reported on television to meet common standards of decency. "When you're a woman coming to the gym, the first rule is to expose your body so you can get men to look at you and then become offended and angry that men are looking at you. Everyone knows this!"
Despite the commotion going on around her, the modestly dressed woman seemed unconcerned. "I'm here to exercise and maintain a healthy lifestyle," said the woman, Rebecca Crasnean. "What am I supposed to be wearing? Almost nothing? That sounds dumb. Sorry, I'm new at this."
At publishing time, Rebecca had further shocked gymgoers by finishing her workout and leaving the gym without even taking a selfie or posting an Instagram story to show she had been at the gym.
#2
The amount is all that remains, that they will get money is a given. Gavin, you fool, this is irreversible now, and just ended your political future.
#1
Four cars spilled ethanol = a volatile, flammable, colorless liquid with a characteristic wine-like odor and pungent taste, and the active ingredient in alcoholic drinks. Also a gasoline additive.
Posted by: Bobby ||
03/31/2023 14:50 Comments ||
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#4
So, we cancel a pipeline that is about the safest way to move petroleum products around. Then we are supprised when rail travel for those (and other very volital products) turns out to be really, really dangerous???
[Epoch Times] A U.S. judge on March 30 struck down a provision in the Affordable Care Act that required insurers to cover some preventative services.
U.S. District Judge Reed O’Connor ruled that recommendations on preventative care by an unelected task force were unlawful, and forbade President Joe Biden’s administration from enforcing the recommendations. "Unelected" is the key here, not the name of the clowns making up new rules.
The U.S. Preventive Services Task Force’s recommended preventative services must be covered by insurers under the Affordable Care Act (ACA), colloquially known as ObamaCare. It has recommended anxiety screening for some children and breast cancer screening for some women, among other recommendations.
Plaintiffs in a legal case in Texas argued that the mandated coverage violated their constitutional rights and the Religious Freedom Restoration Act because it forced them to purchase insurance that covered aspects that clash with their religion, including coverage of preexposure prophylaxis drugs for people deemed at high risk of getting HIV.
"The ACA forces these plaintiffs to choose between purchasing health insurance that violates their religious beliefs and foregoing conventional health insurance altogether. It is undisputed that putting individuals to this choice imposes a substantial burden on religious exercise," O’Connor, a George W. Bush appointee, wrote in a 28-page opinion.
Under the religious freedom act, the government can substantially burden a person’s exercise of religion if it shows that the burden "is in furtherance of a compelling governmental interest" and "is the least restrictive means of furthering that compelling governmental interest."
Government officials have failed on both fronts, the judge ruled.
O’Connor applied his ruling nationwide because the ACA provision and the task force’s recommendations are "constitutionally invalid," the judge ruled. He ordered Biden administration officials not to enforce the compulsory coverage requirements for the task force’s recommendations.
O’Connor previously ruled that ObamaCare was unconstitutional, but the Supreme Court ultimately ruled in favor of the Biden administration, finding states lacked standing to challenge the law. Perhaps this case will stand when Brandon's Boys push it up to SCOTUS.
[NYPOST] Members of the board appointed by Florida Gov. Ron DeSantis to oversee Disney World said Wednesday they have been effectively rendered powerless after their predecessors quietly passed a restrictive development agreement just before the change of hands.
The board members said the previous Disney-controlled board signed an agreement with the company on Feb. 8, one day before state politicians voted to put DeSantis in charge of the Mouse House.
The agreement gave Disney maximum authority to develop the 27,000 acres (42 square miles) that make up the theme park for decades into the future.
The restrictive covenants came to light during the new board’s first meeting last month.
DeSantis had created the new board and ended Disney’s long-held self-governance in retaliation for the company publicly criticizing his "Don’t Say Gay" bill that bans discussion of sexual orientation in the lower grades in Florida public schools.
The prior board oversaw what was called the Reedy Creek Improvement District, which covered the Disney World resort — but under DeSantis, the district was renamed the Central Florida Tourism District.
Posted by: Fred ||
03/31/2023 00:00 ||
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#1
So the Gov was outsmarted by the departing Mouse?
Posted by: Bobby ||
03/31/2023 10:37 Comments ||
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#2
Nice to see the government board is in the pocket of Disney, and not acting in the best interests of their state...
Posted by: 49 Pan ||
03/31/2023 11:05 Comments ||
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#3
That just means the governor and/or the legislature needs to take the extra step of invalidating or superseding that motion of the Disney-owned board.
#6
Oh, weren't they just ever so clever? I'm sure they're patting themselves on the back right now.
What they forget is that it's not a good idea to pick a fight with a sovereign state (Florida) that can actually create and change laws that you have to operate under.
Posted by: Tom ||
03/31/2023 16:19 Comments ||
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[Epoch Times}Testifying at a House Armed Services Committee hearing on the Department of Defense's 2024 budget requests, Milley noted that China has a national goal to be a "global coequal" with the United States and "militarily superior" by 2049.
"They're on that path to do that, and that's really disturbing," he said. "That's really bothersome. And we're going to have to not only keep pace, but we have to outpace that, and that will assure the peace."
Of particular concern is China's nuclear development program, Milley said, holding that there is little the United States could do to "stop, slow down, disrupt, interdict, or destroy" it. "We would, however, maintain proper pronoun usage strategic advantage"
Posted by: Bobby ||
03/31/2023 00:00 ||
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#5
From Skid's 2nd link: The Pentagon told Fox News Digital in a statement, explaining why it was disbanding the unit, that, "The Department of Defense Education Activity’s commitment to diversity, equity, and inclusion efforts for our employees and in support of high achievement for our 67,000 military-connected students remains unchanged."
IOW - "We got caught"
Posted by: Frank G ||
03/31/2023 8:43 Comments ||
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#6
Reads like Milly is submitting a request for a raise to his Han overseers.
#8
...Well, GEN Milley seems to be on good terms with them - after all, he did an end run past the President of the United States and the SECDEF to assure them that we wouldn't be going to war with them. I'm sure another quick phone call will clear this all right up.
[FOXNEWS] National Public Radio was the latest media organization to implement mass layoffs, leading to the cancelation of multiple programs.
NPR itself confirmed Thursday that it had cut 10% of its workforce on Thursday, impacting roughly 100 employees, adding that it tends to roll back the workforce from 1,200 to an estimated 1,050 employees, the "largest reduction in staff since the 2008 recession."
"We literally are fighting to secure the future of NPR at this very moment by restructuring our cost structure. It's that important. It's existential," NPR chief executive John Lansing told NPR's media correspondent David Folkenflik.
Posted by: Fred ||
03/31/2023 00:00 ||
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#1
NPR missed the fact that when the govt became a communications censor, they no longer had a need to exist as all other outlets just became the state media.
[Shafaq News] President Tayyip Erdogan said on Wednesday his Russian counterpart Vladimir Putin ...President-for-Life of Russia. He gets along well with other presidents for life. He is credited with bringing political stability and re-establishing something like the rule of law, which occasionally results in somebody dropping dead from poisoning by polonium or other interesting substance. Under Putin, a new group of business magnates controlling significant swathes of Russia's economy has emerged, all of whom have close personal ties to him. The old bunch, without close personal ties to Putin, are in jail or in exile or dead from poisoning by polonium or other interesting substances... may visit The Sick Man of Europe Turkey ...the occupiers of Greek Asia Minor... on April 27 for the inauguration of the country's first nuclear power reactor built by Russia's state nuclear energy company Rosatom.
"Maybe there is a possibility that Mr Putin will come on April 27, or we may connect to the inauguration ceremony online and we will take the first step in Akkuyu," Erdogan said in televised comments on private broadcaster ATV.
Turkey will load the first nuclear fuel into the first power unit of the Akkuyu nuclear power plant and officially grant it nuclear facility status on April 27, Erdogan said in an earlier announcement on Wednesday.
The Kremlin on Monday denied Ottoman Turkish reports that Putin was planning to visit Turkey.
The Kremlin said on Saturday that Putin and Erdogan discussed during a phone call the successful implementation of joint strategic projects in the energy sector, including the construction of the Akkuyu nuclear power plant.
The $20 billion, 4,800 megawatt (MW) project to build four reactors in the Mediterranean town of Akkuyu will allow Turkey to join the small club of nations with civil nuclear energy.
Turkey previously announced plans to launch the first reactor at Akkuyu in 2023.
Earlier this month, the International Criminal Court (ICC) issued an arrest warrant for Putin over alleged war crimes in Ukraine, prompting outrage from the Kremlin. But Turkey is not a party to the Rome Statute, which created the ICC
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[BEE] CYPRESS, CA — Members of a local gym were shocked and distracted today after a woman — who was clearly new and not familiar with the expected attire of exercising females — spent her entire workout actually wearing clothing.
Nobody gives it a second look. That's why I drive it. 
U.S. District Judge Reed O’Connor ruled that recommendations on preventative care by an unelected task force were unlawful, and forbade President Joe Biden’s administration from enforcing the recommendations.
O’Connor applied his ruling nationwide because the ACA provision and the task force’s recommendations are "constitutionally invalid," the judge ruled. He ordered Biden administration officials not to enforce the compulsory coverage requirements for the task force’s recommendations.
Members of the board appointed by Florida Gov. 
[Epoch Times}Testifying at a House Armed Services Committee hearing on the Department of Defense's 2024 budget requests, Milley noted that China has a national goal to be a "global coequal" with the United States and "militarily superior" by 2049.
...the occupiers of Greek Asia Minor...
