Red State Treasurers Say Progressives Are Fighting to Block Anti-ESG Pension Rules

Noah Wall, the executive director of SFOF Action, expressed the importance of protecting state treasurers from attacks. The national debate on the politicization of public pension funds has intensified, with Republican-led states passing laws to boycott Wall Street firms promoting left-wing agendas. As a result, state financial officers enforcing these laws are facing pushback from progressives. To support these officials, the State Financial Officers Foundation (SFOF) introduced a new nonprofit. Several states, including West Virginia, Texas, Louisiana, Utah, and Oklahoma, have terminated contracts with financial firms they believe discriminate against local industries like coal, oil, gas, and firearms. This movement aims to prioritize maximizing returns for pensioners and protect investments from ESG pressures. The SFOF has launched SFOF Action to defend state officials against the ESG movement and its supporters. The SFOF currently boasts members from 28 states.

“We’ve observed a surge in lobbying efforts from BlackRock and other financial giants nationwide over the past year,” remarked Noah Wall, the executive director of SFOF Action, during a press conference introducing the launch of SFOF Action.

Mr. Wall also expressed apprehension about external funding and other campaigns aiming to displace conservative financial officials. He highlighted a recent bill proposed in Utah that deliberates whether the state treasurer and state auditor should remain elected roles or transition to appointments made by and answerable to the governor.

“This proposal didn’t gain traction in the current legislative session,” noted Utah State Treasurer Marlo Oaks. “However, it appears evident that initiating a survey to explore the potential appointment of these positions is the initial step in the direction of appointment.”

“We’ve witnessed the tactics of left-wing groups in attempting to seize control of positions nationwide, as seen with secretaries of state and radical local prosecutors. We are determined to safeguard our state treasurers against such attacks,” Mr. Wall emphasized.

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