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Florida, DeSantis yank billions in investments from ‘woke’ BlackRock over ESG investing

Story by Jessica Guynn, USA TODAY • 1h ago

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Florida is yanking $2 billion worth of state assets managed by BlackRock, escalating the GOP standoff with the world’s largest money manager over its ESG investment policies.

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USA TODAY

Gov. Ron DeSantis cruises to victory to win a second term as he bashes ‘woke mob’

The state treasury will freeze about $1.43 billion worth of long-term securities and remove BlackRock as the manager of about $600 million worth of short-term overnight investments with the goal of giving that business to other money managers by the beginning of 2023, Florida Chief Financial Officer Jimmy Patronis said in a statement Thursday.

Florida Gov. Ron DeSantis speaks at an annual leadership meeting of the Republican Jewish Coalition on Nov. 19 in Las Vegas.© John Locher, AP

Republicans, who say liberals are using environmental, social and corporate governance investing strategies to advance an ideological agenda that would be voted down at the ballot box, have lashed out at “woke” corporations and money managers, pledging to roll back the $40 trillion ESG investing business.

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Florida Gov. Ron DeSantis is a key figure in the Republican revolt, and BlackRock CEO Larry Fink is a frequent target.

In August, DeSantis, widely expected to challenge former President Donald Trump for the 2024 GOP presidential nomination, pushed through a resolution calling for Florida to stop considering “the ideological agenda” of the ESG movement when investing state funds.