Cruz, Lee Urge FERC to Investigate Impact of BlackRock’s ESG Activism on Utilities

WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), Mike Lee (R-Utah) and nine of theirSenate colleagues sent a letter to Chairman Phillips and Commissioners urging the Federal Energy Regulatory Commission (FERC) to investigate the actions of BlackRock, the world's largest asset manager, regarding its commitments to the Commission and its influence on utility operations.

The letter follows a motion filed at FERC by a coalition of 17 states urging federal energy regulators to review BlackRock Inc's ownership of utilities, citing concerns about the investment firm's role in initiatives related to climate change.

In the letter, the senators wrote, “BlackRock appears to have fundamentally departed from its promises. After joining CA100+ in 2000, BlackRock used its holdings to force its climate agenda on American utility companies. BlackRock's partnering with other activist asset managers through CA100+ and NZAM, appears to fundamentally conflict with its promise to keep its share percentage within certain limits.”

Cosigners include U.S. Senators Bill Cassidy (R-La.), Rick Scott (R-Fla.), Bill Hagerty (R-Tenn.), Ted Budd (R-N.C.), Roger Marshall (R-Kan.), Eric Schmitt (R-Mo.), Mike Braun (R-Ind.), JD Vance (R-Ohio), and Pete Ricketts (R-Neb.).

Read the letter here.

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