‘That is not capitalism, that is abusing the market’ — Sen. Ted Cruz blasts BlackRock’s Larry Fink’s ‘woke’ ESG policies

‘That is not capitalism, that is abusing the market’ — Sen. Ted Cruz blasts BlackRock’s Larry Fink’s ‘woke’ ESG policies

Sen. Ted Cruz blasted CEO Larry Fink on Tuesday for so-called "woke" investment decisions — and suggested money managers like Fink be barred from voting on behalf of other investors "to advance their own political interests." "Because that is not capitalism, that is abusing the market," Cruz, R-Texas, charged during an interview with CNBC's During much of the interview, Cruz blamed the White House's policies for the surge in gas prices since President took office in January 2021. But the senator also took aim at Fink, whose company is the world's largest asset manager, and other CEOs, who he argued have moved away from focusing on increasing profits for shareholders to taking stances on social issues like climate change to curry favor with wealthy liberals. Fink highlighted climate change as a problem facing corporations in a 2020 letter to CEOs of the companies BlackRock has invested in. "Climate change has become a defining factor in companies' long-term prospects," Fink wrote. "I believe we are on the edge of a fundamental reshaping of finance." Read more of CNBC's politics coverage: Cruz on Tuesday repeatedly invoked what he called Fink's support of ESG — environmental, social and governance issues — in various