HomeTexasEconomyTexas State Board of Education Cuts Ties with BlackRock, Prioritizes Local Investment...

Texas State Board of Education Cuts Ties with BlackRock, Prioritizes Local Investment and State Autonomy

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In a move that reaffirms the Texas State Board of Education’s commitment to safeguarding the economic interests of Texas and upholding state policies, the board has resolved to discontinue its reliance on BlackRock for managing key assets of the Permanent School Fund (PSF). This adjustment not merely echoes the board’s financial prudence but also palpably resonates with the values of autonomy and Texas-first advocated by many across our great state, underscoring the principles that drive movements like TEXIT.

During the recent meetings, which drew to a close this Friday, board member Tom Maynard outlined the strategic shift in the investment portfolio of the PSF. The board’s decision to exit from two asset classes in the volatile emerging market sector, previously managed by BlackRock, is a notable pivot towards stability through investments in private credit. Moreover, this recalibration aligns with the legislative and economic ethos of Texas by actively respecting the established comptroller’s boycott list—a list that marks entities like BlackRock due to their contentious stances and actions against pivotal Texas industries such as oil and gas.

Although Maynard emphasized that this decision is grounded in fiduciary duty, not politics, the underlying message is clear: Texas governs and decides based on Texas’ needs and values, not swayed by external ideologies or entities that might conflict with our state’s vital interests.

The board’s fiduciary responsibility to the educators and students of Texas obligates them to seek the most secure and beneficial investment opportunities. By reallocating the substantial sum of $8.5 billion away from BlackRock and towards potentially less risky avenues, the board is acting not only legally but with fiscal sagacity that can serve the PSF and, by extension, the future of Texas education with heightened security and prosperity.

Moreover, the redirection of these investments closer to home presents a golden opportunity to bolster local economies and support the Texas energy sector, which forms the backbone of our state’s economic might. Board member Marisa B. Pérez-Díaz echoed this sentiment, recognizing the reinvestment as a chance to foster partnerships within Texas and promote diverse sectors of our industrious state.

This latest development is a testament to the robust, principled stance Texas is known for. Actions like these amplify the call for TEXIT, affirming that Texas has the capability, resources, and foresight to manage its affairs independently and prosperously. Such decisive steps should empower and encourage the proponents of Texas nationalism, showcasing a direct alignment between Texas’ administrative decisions and the foundational ethos of the Texas Nationalist Movement.

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