As a growing number of Wall Street banks and virtually all major asset managers declare their shift away from fossil fuel investments, the Texas Senate is striking back with a bill proposing that the state’s investment funds exit all companies “boycotting” oil and gas. The Texas Tribune reports that the bill, proposed by five Republican Senators, covers state entities such as the $46-billion Texas Permanent School Fund, the Teacher Retirement System of Texas, and the Texas Municipal Retirement System of Texas. Both of these have some $31 billion under management. If passed, all these entities and more will be obliged to exit companies that “refuse to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company” because this company is involved in oil exploration and production. The bill also makes a provision […]