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Judge Enjoins Texas Law Restricting Investments in Fossil Fuel Boycotters
The court ruled Senate Bill 13 unconstitutional for violating free speech and due process, with Texas losing hundreds of millions in economic activity, the American Sustainable Business Coalition said.
- A federal court in Austin enjoined Texas from enforcing SB 13, ruling it was facially overbroad and violated the First and Fourteenth Amendments.
- The law required state entities to sell holdings or cancel contracts with firms that refuse, penalize, or boycott fossil fuels, to protect Texas's oil and gas economy, lawmakers said.
- The comptroller's blacklist once included major firms such as BlackRock and UBS Group, naming 10 financial firms and 348 mutual funds, while state funds divested billions, causing an $8.5 billion hit to BlackRock.
- Supporters hailed the decision as a win for sustainable businesses and investors, with the American Sustainable Business Council calling it a major victory for responsible shareholders and public pensions.
- The judge found the statute allowed discriminatory enforcement and penalized protected expression, noting SB 13's 'boycotting' definition includes three vague, unmeasurable clauses impacting companies and organizations described as 'sustainability-focused'.
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Judge rules Texas anti-ESG law is unconstitutional
A federal judge this week determined that a Texas state law that seeks to prevent state funds from being invested with financial firms that boycott fossil fuel companies is unconstitutional. Texas federal Judge Alan Albright, an appointee of President Trump, found that state law S.B. 13 was a violation of the First and 14th amendments....
·Washington, United States
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Associated Press News+9 Reposted by 9 other sources
Texas law barring state investment in firms boycotting fossil fuels declared unconstitutional
A federal district judge on Wednesday declared a 2021 law restricting state investments in companies boycotting the fossil fuel industry unconstitutional, calling it “facially overbroad” and citing First and Fourteenth Amendment concerns.
·United States
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Coverage Details
Total News Sources25
Leaning Left5Leaning Right1Center11Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 29%
C 65%
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