Posted on 05/22/2022 3:34:05 PM PDT by The_Media_never_lie
AUSTIN (Nexstar) — Texas Comptroller Glenn Hegar sent a letter to 19 financial companies that he alleges could be ‘boycotting the fossil fuel industry.’
Hegar is asking the companies, including JP Morgan and Wells Fargo, to clarify their fossil fuel investment policies and procedures, and has requested a list of any mutual funds or exchange-traded funds in their portfolios that may prohibit or limit investment in fossil fuels.
It’s part of Hegar’s efforts to implement Senate Bill 13, which was passed during the 87th Regular Legislative Session.
The bill does not prohibit these companies from boycotting fossil fuels, but rather prohibits Texas state agencies that invest funds from investing in financial companies that boycott energy companies.
(Excerpt) Read more at kxan.com ...
“Could it be sanity is returning?”
Here in Texas we do get some things right. If Texas or Florida get big enough “economy wise” things could get interesting.
This law doesn’t make sense to me. Only a left-winger would suggest that the government should try to dictate where anyone invests their money.
And is the restriction only against companies that explicitly say they’re boycotting for that reason? Suppose they just happen not to invest in fossil-fuel companies, perhaps because they don’t think the stock prices in the sector represent a good value right now. Companies don’t have to report to the government *why* they made some investment decision.
There was an article posted earlier where those responses from the companies came back. All insisted they were not blackballing funding. My favorite was the response from one - “Hell No!”
Had you read the article, it would make sense.
This doesn’t sound like sanity, it sounds like petulance. Funds need to make their own decisions, given the volatility of the energy market it’s perfectly valid to not invest in it.
Is it more or less volatile than commercial real estate or movie making?
I did read the article. It’s not a good idea for the government to be able to require that a business say *why* they made a certain investment. Are we going to see money wasted on lawsuits regarding whether an stock purchase decision was a “boycott” or just a routine investment judgment?
Neither of those live on a 90 day spec market where any news makes the prices fluctuate drastically. Energy is a crazy business.
Energy does not survive on false depreciation nor on phony accounting.
This is right inline with Texas’ don’t say bad things about beef law.
Enron begs to differ.
Makes sense to me. I live in Texas, and any financial company that specifically boycotts energy companies shouldn’t be profiting from state investments.
agreed 💯
These companies are issuing a policy against investing in energy. These companies should be required to advise their stock holders and investors that this is their policy regardless of investment analysis.
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