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Texas House gives early approval to bill that would punish Wall Street for fossil fuel disinvestment
The Texas House on Monday gave preliminary approval to a bill that would direct state investment funds to divest from companies that cut ties with fossil fuel companies.
Senate Bill 13 was approved on second reading in the House, and needs only a third reading before it is sent to Gov. Greg Abbott’s desk.
The legislation would require state entities — including state pension funds and Texas’ massive K-12 school endowment — to divest from companies that refuse to invest in or do business with fossil fuel-based energy companies.
It’s a response to the sentiment on Wall Street that oil and gas companies are contributing to climate change — and may not be a good investment in the midst of an energy transition. The bill seeks to divest the state’s massive investment funds from firms that “boycott” fossil fuel companies.
https://www.texastribune.org/2021/05/03/texas-house-fossil-fuel-oil-divest/
Senate Bill 13 was approved on second reading in the House, and needs only a third reading before it is sent to Gov. Greg Abbott’s desk.
The legislation would require state entities — including state pension funds and Texas’ massive K-12 school endowment — to divest from companies that refuse to invest in or do business with fossil fuel-based energy companies.
It’s a response to the sentiment on Wall Street that oil and gas companies are contributing to climate change — and may not be a good investment in the midst of an energy transition. The bill seeks to divest the state’s massive investment funds from firms that “boycott” fossil fuel companies.
https://www.texastribune.org/2021/05/03/texas-house-fossil-fuel-oil-divest/
Since it is a Senate Bill, it was already passed over there. Although it seems stupid and lame, this bill is dangerous. These funds should not be at the will of any political statement, but be passed on market performance. It really sucks that public bonds and investments could go under because of these gun slinging yahoos! And they complain about "cancel culture".
Texas state funds identified in the bill include the $46 billion Texas Permanent School Fund, the largest such K-12 fund in the U.S; the Teacher Retirement System of Texas, which manages nearly $165 billion in investments; and the Employees Retirement System of Texas and Texas Municipal Retirement System of Texas, which each manage $31 billion.
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