The move comes after a 2022 law banned contracts with companies deemed "hostile" to oil and gas companies.
Oklahoma will soon no longer do state business with 13 firms including heavy hitters like BlackRock, Wells Fargo and Bank of America.
State Treasurer Todd Russ says in a news release, the financial firms were found to be “boycotting” oil and gas companies or did not respond to requests for information from the state to clarify their positions on fossil fuel corporations.
"The energy sector is crucial to Oklahoma’s economy, providing jobs for our residents and helping drive economic growth," Russ said in the release. “It is essential for us to work with financial institutions that are focused on free-market principles and not beholden to social goals that override their fiduciary duties.”
The companies on the list have 90 days to respond. After that, if they stay on the list, state entities have 360 days to divest themselves of direct or indirect holdings with a few exceptions.
The 13 firms are:
- Blackrock, Inc.
- Wells Fargo & Co.
- Bank of America
- State Street Corp.
- GCM Grosvenor
- Lexington Partners
- Firstmark Fund Partners
- Stepsone VC Global Partners
- WCM Investment Management
- William Blair
- Actis
- Climate First Bank
Several of the firms told The Tulsa World they were disappointed in Oklahoma’s actions.
It’s unclear how much money is at stake for Oklahoma, and the investment groups. But all have done business with the state recently and collectively hold trillions of dollars in investment funds.
The move follows similar actions in at least a dozen other Republican-led states.
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