Oklahoma is taking a stand against BlackRock, a global asset management firm, to protect its state investments from being used to push leftist policies. Gov. Kevin Stitt (R) and State Treasurer Todd Russ are leading this effort to ensure that the state’s funds are managed in line with the values of Oklahomans.

BlackRock controls $10.5 trillion in assets and uses this influence to promote environmental, social, and governance (ESG) standards. These standards include policies on racial equity audits, gender pay gap reports, and climate action, which many in Oklahoma believe do not reflect their values.

In response, Oklahoma passed the Energy Discrimination Elimination Act in 2022. This law bars companies that advocate for ESG policies from managing the state’s investments. In May 2023, Treasurer Russ released a blacklist of firms, including BlackRock, preventing them from handling Oklahoma’s pension funds.

BlackRock has not accepted this decision quietly. The company has deployed lobbyists and other allies to oppose Oklahoma’s actions. Evidence shows that BlackRock lobbyist Pat McFerron met with Oklahoma Insurance Commissioner Glen Mulready shortly before the blacklist was announced. This suggests an attempt to influence state policy.

Moreover, Oklahoma Attorney General Gentner Drummond has been supportive of BlackRock. Emails show that Drummond communicated with BlackRock officials, expressing a wish to continue their partnership, even as the blacklist faced potential legal challenges.

Additionally, the Oklahoma Rural Association, a lobbying group, funded Dr. Travis Roach to create a study critical of the anti-ESG law. Despite Roach admitting limited knowledge of ESG, his study was used to argue against the legislation.

The funding for the Oklahoma Rural Association is mysterious, leading to speculation about financial support from BlackRock or its allies. The association backs Rep. Tom Cole (R-OK), whose political team includes McFerron’s firm, CMA Strategies.

Oklahoma is at a crossroads: Will it resist external pressure and uphold its values, or will it succumb to corporate influence?