Similarly, “the Officer of the State Treasurer said it would be impractical to end its banking relationships” with two blacklisted banks, and likewise invoked an exemption. The difficulties encountered by public entities in Oklahoma illustrate the practical hurdles involved in enacting a boycott against some of the most significant financial institutions in the United States. And the politicians who enacted the anti-ESG statute are displeased by the lack of action taken by Oklahoma public entities--Oklahoma Treasurer Todd Russ publicly objected to the decision taken by the pension fund. It is important to remember that Oklahoma is only one of several states that have enacted anti-ESG statutes (although Oklahoma's is particularly far-reaching). The practical difficulties encountered by Oklahoma public entities are likely to be echoed across the country.

Source: Wall Street Journal December 20, 2023 00:13 UTC