Alaska Attorney General Treg Taylor joins a 21-state coalition to file a formal criticism with the U.S. Securities and Exchange Commission over a proposed rule requiring investment funds to consider “environmental, social and governance (ESG)” factors when making investment decisions.

The proposed rule, titled “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social and Governance Investment Practices,” is an effort by the SEC to transform itself from a federal securities regulator into a “regulator of social ills,” according to to the coalition.

The ESG investing practices of large companies like BlackRock, with $10 trillion under management, have a possible negative impact on Americans’ retirement funds. ESG investment houses make investment decisions contrary to the interests of fixed-income retirees, making investments that put ESG above the needs of their clients. BlackRock manages several public sector pension funds and the company is pushing a net zero energy transition among the American companies in which it invests. Last year, she used her financial prowess to install climate activists on the boards of companies such as ExxonMobil.

Attorneys general aren’t the only ones calling out BlackRock. Glenn Beck wrote, “Why would BlackRock, the world leader in ESG, take half a billion dollars from Saudi Arabia, a country that does the exact opposite of what BlackRock promotes? This may be because ESG is a power, control and money scam.

In December 2020, Dunleavy was the first governor to speak publicly about the hypocrisy of ESG funds. In 2022, he introduced HB 401, which would prevent the state from doing business with institutions that target Alaska’s economy under the ESG rubric, but profit from hostilities generated by bad-actor countries.

Dunleavy introduced the bill, making it clear that the windfall of revenue came on the backs of human misery and in the profits of liberal financial institutions that claim to champion the rights of the oppressed. The legislation, which targeted the hypocrisy of these ESG institutions, was never passed. The majority of the House passed meaningless resolutions, advanced nothing with teeth, and HB 401 expired with the end of the session.

The West Virginia Legislature passed a bill last month that enacts it will no longer do business with Wall Street companies that boycott the fossil fuel industry.

West Virginia Treasurer Riley Moore (R.) ruled this week that BlackRock, Wells Fargo, JP Morgan Chase, Morgan Stanley and Goldman Sachs were ineligible for state banking contracts because of their boycotts of fossil fuels. The ban will cost Wall Street firms $18 billion a year, according to Moore’s office.

This week’s letter is another arrow for ESG investment firms. Alaska joins the states of West Virginia, Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, South Carolina, Texas, Utah, Virginia, and Wyoming .

A copy of the letter: