Texas warns firms they could lose state contracts for divesting from ...

[Nevilledog]

Link to tweet

Tweet text:

Texas Tribune
@TexasTribune
On Wednesday, Texas warned firms that divest from oil, natural gas or coal companies that they could lose state contracts under a new law that bans “boycotts” of fossil fuel firms.
The Texas Capitol in Austin on Aug. 12, 2021.
texastribune.org

Texas warns firms they could lose state contracts for divesting from …
A new law prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies.
7:29 AM · Mar 17, 2022

https://www.texastribune.org/2022/03/16/texas-fossil-fuel-divestment-ban-inquiry/


Texas Comptroller Glenn Hegar sent letters to 19 financial firms Wednesday afternoon to determine whether they were violating a new state law that prohibits companies from “boycotting” fossil fuel companies.

Senate Bill 13, which went into effect in September, prohibits the state from contracting with or investing in companies that divest from oil, natural gas and coal companies. The law defines divestment as refusing to do business with a fossil fuel company because that company does not commit to environmental standards higher than expected by federal and state law.

Firms that received a letter include U.S.-based companies, like JPMorgan Chase & Co. and Wells Fargo & Company, and foreign companies like Jupiter Fund Management PLC and Sumitomo Mitsui Trust Holdings, Inc.

JPMorgan Chase & Co. and Man Group PLC declined to comment for this story. Other companies Hegar contacted — BlackRock, Inc.; NatWest Group PLC — did not respond to The Texas Tribune’s requests for comment.

*snip*

[elleng]

1. Kind of tired of 'seeing' texas' balls.

[Chicago1980]

4. Time to turn those balls blue...

[patricia92243]

2. Texas is getting more and more backwards; sorry for Democrats that live there.

[Hoyt]

3. Selling investments in long-term, maybe medium-term, losers ain't a boycott.

Can’t wait for lawsuits.

[sinkingfeeling]

5. Texas is really into fascism.