North Carolina 2024 gubernatorial candidate and current state treasurer Dale Folwell told the Daily Caller that the North Carolina legislature has “removed Larry Fink’s ability to politicize [the state’s] money” after overriding Democratic Governor Roy Cooper’s veto on Wednesday.
The veto override passes a law against governmental pensions plans contracting with companies or investors that subscribe to progressive environmental, social, and governance (ESG) policy. Common aspects of ESG include pledges for net zero carbon emissions, supporting social liberalism like pride displays, and encouraging democracy by encouraging staff and customers to vote in elections. North Carolina’s pension system is 12th largest in the United States and has never engaged in ESG (environmental and social and governance) practices according to Folwell.
“We are fiduciaries. We have loyalty, a duty of care to get the highest value for the lowest cost with the biggest margin of safety … We led on this issue and other states are doing the same thing,” Folwell told the Caller.
States and social movements across the country have taken action against progressive ESG policies. Alabama was the most recent state before North Carolina to pass a law limiting governmental collaboration with ESG companies, joining states like Texas, Utah, and Florida. Boycotts and campaigns against prominent companies such as Target, Bud Light, and Bank of America all also stem from backlash against progressive corporate policy. (RELATED: Backlash Continues: Bud Light Is Now Cheaper Than Water In Some Places)
“We’ve never needed a law to tell us what’s right and what’s wrong.” Folwell said in the interview. “We have never had any ESG investments or policies at the treasurer’s office. What we have had is the wacktivism and politicization of our pension money by folks like Larry Fink and Black Rock. What this law does, which it will now be law because of the override of the governor’s issues, What this law does is puts structure around what we were doing anyway.”
Larry Fink is the Black Rock CEO, heading a massive broker firm in the United States, and is one of the progenitors of the ESG movement. Fink has attempted to back off the acronym, saying he is “ashamed” that ESG has become a politicized term. Folwell called for Fink to be fired by Black Rock in December, telling the Caller “People who aren’t doing their jobs should be fired. We did not ask him to politicize our money, we asked him to make us money.”
WATCH: BlackRock CEO Larry Fink now says he’s “ashamed” of ESG, admits @RonDeSantis “hurt” his firm by pulling $2 billion in assets.
This is a win … but DeSantis is just getting started. pic.twitter.com/Zzq5fUWAdR
— DeSantis War Room 🐊 (@DeSantisWarRoom) June 27, 2023
Folwell urged the people of North Carolina and other Americans to not drop opposition to ESG investing that undercuts their values.
“ESG needs to stand for energy independence, safe streets and neighborhoods, and good government… I want to thank the bill sponsor and general assembly for overriding the governor’s veto. I think based on the phone calls that I’ve gotten over the past few days that what we did in North Carolina could possibly become the model legislation… People should not think they get this issue resolved inside of pension plans. Their work is just beginning.”
