Bill Text: TX HCR38 | 2023-2024 | 88th Legislature | Introduced

Texas House Concurrent Resolution 38

Introduced

Bill Title: Urging the United States Congress to investigate the anti-fiduciary practices of BlackRock CEO Larry Fink.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-02 - Referred to State Affairs [HCR38 Detail]

Download: Texas-2023-HCR38-Introduced.html

	88R10397 BPG-D

	By: Oliverson	H.C.R. No. 38



	CONCURRENT RESOLUTION
	WHEREAS, Larry Fink, chief executive officer of investment
	behemoth BlackRock, has become a suspiciously strident proponent of
	Environmental, Social, and Corporate Governance initiatives; and
	WHEREAS, Under Mr. Fink's leadership, BlackRock has moved to
	the vanguard of the ESG movement, investing on the basis of social
	and environmental factors rather than pure fiduciary interests; and
	WHEREAS, Mr. Fink has used BlackRock's financial might to
	coerce companies to follow his liberal political agenda; touting
	the doctrine of "stakeholder capitalism," he has warned companies
	in which BlackRock invests that they must adopt ESG standards or
	face pressure in proxy battles; for instance, BlackRock has used
	the proxy votes of its clients to push its global warming agenda and
	bolster renewable energy, often in conflict with its fiduciary
	responsibilities; and
	WHEREAS, While BlackRock demands unreasonable environmental
	and social standards of U.S. companies, imposing enormous
	extra-regulatory costs, it fails to require similar ESG adherence
	by the Chinese companies in which it invests; the business sector in
	Communist China has a deplorable record with respect to
	environmental stewardship, justice, and accountable governance,
	with a severe lack of the basic auditing safeguards required in the
	U.S.; notably, BlackRock became an investor in two Chinese
	companies, Hikvision and iFlytek, that the United States government
	has blacklisted for human rights abuses against Uyghurs in
	Xinjiang; BlackRock actually increased its holding in Hikvision
	after the blacklisting; and
	WHEREAS, BlackRock manages an estimated $10 trillion in
	assets, a number larger than many first-world economies; billions
	of those dollars come from U.S. pension funds, which play a vital
	role in the financial security of the middle class and in the
	stability of the U.S. economy; by prioritizing left-wing political
	initiatives over shareholder returns, BlackRock is potentially
	weakening those funds and sabotaging the American companies in
	which it invests; now, therefore, be it
	RESOLVED, That the 88th Legislature of the State of Texas
	hereby respectfully urge the United States Congress to investigate
	the anti-fiduciary practices of BlackRock CEO Larry Fink, the
	intent behind those practices, and their impact on American
	companies and the U.S. economy; and, be it further
	RESOLVED, That the Texas secretary of state forward official
	copies of this resolution to the president of the United States, to
	the speaker of the House of Representatives and the president of the
	Senate of the United States Congress, and to all the members of the
	Texas delegation to Congress with the request that this resolution
	be officially entered in the Congressional Record as a memorial to
	the Congress of the United States of America.