Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Okay, seven twenty two Bob Frantz in for Jimmy along
(00:03):
with Shera and joined now by Texas Comptroller Glenn Hegar
and to share. I'm going to have to ask you
to carry this one a little bit here because I'm
trying to figure out exactly what this lawsuit over centin
Bill thirteen is all about with respect to ESG policy. So,
first of all, Comtroller Glenn Heger, thank you for the time.
And second of all, share take it away.
Speaker 2 (00:21):
Yeah, okay, Glenn, is so great to have you here
with us. Okay. It was a Senate bill basically saying, look,
if you are pushing against our bedrock industry of fossil
fuels in the state of Texas, we as a state
are not going to do business with you and your corporation.
That's pretty much the way I understand it.
Speaker 3 (00:40):
So Claire, that pretty much sums it up. It's going
to be with you again. The legislature several years ago
asked me and my team to come up with a
list of those financially publicly traded institutions that are quote
unquote boycotting the fossil fuels or the oil and gas industry.
We keep several lists those entities that are anti terrain,
pro Iranian, anti is rail several different lists, and so
(01:01):
this is another one that they'd asked us to do.
So after a lot of research, transparency, openness, we came
up with a process to identify those institutions that are
quote unquote boycotting the oil and guess industry. And if
you are, then essentially the State of Texas states money
that we've been trusted by you, the taxpayers for either
of the pension system, public school lands, the investments that
(01:22):
I have, we're not going to do business with those companies.
And so now we've been sued saying that oh, we've
somehow infringed upon their First Amendment rights and that this
loss this law is unconstitutional, which in reality, what it's
about is these left wing institutions and groups just essentially
you're upset because they're not able to bully their way
(01:45):
with their personal agenda rather than making sure companies do
what the fidiciary interest of who their shareholders, the people
that have investments in those companies.
Speaker 2 (01:57):
It's a sizeable investment too. How much money does the
State of Texas invest.
Speaker 3 (02:02):
Overall across all kinds of different investments, whether again, whether
it's in my office, the pension systems, the public school lands,
you name it. It's literally billions and billions and billions
of dollars. And what we've had over the course of
several years is you've had very left leaning states saying, oh,
you can't do business with the state unless you boycott
(02:22):
the oil and gas. But the irony of all this
is that every product that we touch, almost in our
single daily lives. When you wake up, I wake up,
two of the first things we touch is a toothbrush
and a toothpaste. And guess what both of those are
made in part from what the petroleum industry. If you
if you drive an electric vehicle, guess what over two
thousand parts are made of what petroleum industry. The batteries
(02:43):
are sitting in the container, So if they leak from
what are they protected from the petroleum industry? And so
the point being is I'm trying to bring an intellectually
honest conversation about what the petroleum industry means to our
daily lives. And one of the points I pointed out
when I commented is that the irony is the ink
used to print this frivolous lawsuit is made from the
(03:04):
very industry that they're trying to eliminate. I mean, you
just can't you can't get past the irony in this.
Speaker 2 (03:10):
They call it ESG. It means Environmental social governance. Okay,
so it's the left trying to tell us how we
run our economies, how we run our lives.
Speaker 3 (03:21):
That's right, and really this is just a sub part
of it, a subpart under kind of the e column.
But you know, in reality, you live in the Gulf Coast.
I live in the Gulf Coast. I've grown up in
the Houston area all my life. We have hurricanes. We're
just talking about how we're going to have thunderstorms and
possibly you know, events here in the next few days
with a lot of rain. The point is, we have
(03:42):
environmental events in Texas. But it doesn't mean we need
to go so far left that there's a kind of
a radical agenda to eliminate an industry that is extremely
important not just to Texas, but the economic well being
of the entire globe.
Speaker 1 (03:57):
Thank you, I was going to say the world. I
thought you were going to say the country, but you
hear with globe. You're exactly right, because that is what
we're talking about.
Speaker 3 (04:02):
But I knew what you were going to ask. I
just want ahead and cut to it.
Speaker 2 (04:05):
I point out, what generation are you now as a
family in Texas?
Speaker 3 (04:10):
Actually we're six generations, So yeah, my family, we've been
out northwest of Houston and Hockley, the Hagars have for
a very long time.
Speaker 2 (04:17):
I would love to hear Kamala Harris try to put
on that kind of figures.
Speaker 3 (04:21):
Well, he did giggle a little bit.
Speaker 1 (04:23):
Glenn Hagar, Texas Comptroller. Thank you for laying it out
for us. We appreciate it. Keep up a good fight.
Always good to be with you. I'll have a great day,
have you too, all right,
Okay, seven twenty two Bob Frantz in for Jimmy along
(00:03):
with Shera and joined now by Texas Comptroller Glenn Hegar
and to share. I'm going to have to ask you
to carry this one a little bit here because I'm
trying to figure out exactly what this lawsuit over centin
Bill thirteen is all about with respect to ESG policy. So,
first of all, Comtroller Glenn Heger, thank you for the time.
And second of all, share take it away.
Speaker 2 (00:21):
Yeah, okay, Glenn, is so great to have you here
with us. Okay. It was a Senate bill basically saying, look,
if you are pushing against our bedrock industry of fossil
fuels in the state of Texas, we as a state
are not going to do business with you and your corporation.
That's pretty much the way I understand it.
Speaker 3 (00:40):
So Claire, that pretty much sums it up. It's going
to be with you again. The legislature several years ago
asked me and my team to come up with a
list of those financially publicly traded institutions that are quote
unquote boycotting the fossil fuels or the oil and gas industry.
We keep several lists those entities that are anti terrain,
pro Iranian, anti is rail several different lists, and so
(01:01):
this is another one that they'd asked us to do.
So after a lot of research, transparency, openness, we came
up with a process to identify those institutions that are
quote unquote boycotting the oil and guess industry. And if
you are, then essentially the State of Texas states money
that we've been trusted by you, the taxpayers for either
of the pension system, public school lands, the investments that
(01:22):
I have, we're not going to do business with those companies.
And so now we've been sued saying that oh, we've
somehow infringed upon their First Amendment rights and that this
loss this law is unconstitutional, which in reality, what it's
about is these left wing institutions and groups just essentially
you're upset because they're not able to bully their way
(01:45):
with their personal agenda rather than making sure companies do
what the fidiciary interest of who their shareholders, the people
that have investments in those companies.
Speaker 2 (01:57):
It's a sizeable investment too. How much money does the
State of Texas invest.
Speaker 3 (02:02):
Overall across all kinds of different investments, whether again, whether
it's in my office, the pension systems, the public school lands,
you name it. It's literally billions and billions and billions
of dollars. And what we've had over the course of
several years is you've had very left leaning states saying, oh,
you can't do business with the state unless you boycott
(02:22):
the oil and gas. But the irony of all this
is that every product that we touch, almost in our
single daily lives. When you wake up, I wake up,
two of the first things we touch is a toothbrush
and a toothpaste. And guess what both of those are
made in part from what the petroleum industry. If you
if you drive an electric vehicle, guess what over two
thousand parts are made of what petroleum industry. The batteries
(02:43):
are sitting in the container, So if they leak from
what are they protected from the petroleum industry? And so
the point being is I'm trying to bring an intellectually
honest conversation about what the petroleum industry means to our
daily lives. And one of the points I pointed out
when I commented is that the irony is the ink
used to print this frivolous lawsuit is made from the
(03:04):
very industry that they're trying to eliminate. I mean, you
just can't you can't get past the irony in this.
Speaker 2 (03:10):
They call it ESG. It means Environmental social governance. Okay,
so it's the left trying to tell us how we
run our economies, how we run our lives.
Speaker 3 (03:21):
That's right, and really this is just a sub part
of it, a subpart under kind of the e column.
But you know, in reality, you live in the Gulf Coast.
I live in the Gulf Coast. I've grown up in
the Houston area all my life. We have hurricanes. We're
just talking about how we're going to have thunderstorms and
possibly you know, events here in the next few days
with a lot of rain. The point is, we have
(03:42):
environmental events in Texas. But it doesn't mean we need
to go so far left that there's a kind of
a radical agenda to eliminate an industry that is extremely
important not just to Texas, but the economic well being
of the entire globe.
Speaker 1 (03:57):
Thank you, I was going to say the world. I
thought you were going to say the country, but you
hear with globe. You're exactly right, because that is what
we're talking about.
Speaker 3 (04:02):
But I knew what you were going to ask. I
just want ahead and cut to it.
Speaker 2 (04:05):
I point out, what generation are you now as a
family in Texas?
Speaker 3 (04:10):
Actually we're six generations, So yeah, my family, we've been
out northwest of Houston and Hockley, the Hagars have for
a very long time.
Speaker 2 (04:17):
I would love to hear Kamala Harris try to put
on that kind of figures.
Speaker 3 (04:21):
Well, he did giggle a little bit.
Speaker 1 (04:23):
Glenn Hagar, Texas Comptroller. Thank you for laying it out
for us. We appreciate it. Keep up a good fight.
Always good to be with you. I'll have a great day,
have you too, all right,
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