BlackRock Inc. is strengthening its government-relations team by hiring a new staff member in Austin as the company faces criticism from Texas Republicans. According to an internal memo obtained by ‘ Bloomberg ‘, the company has appointed Danner Bethel as the director of US state and local government affairs for the southern region.
Bethel previously served as a senior advisor at Crumpton Global, a strategic advisory firm, and worked in the administration of former President George W. Bush.
The world’s largest asset management company is on a list of companies accused by the state’s comptroller of “boycotting” the fossil fuels industry, which limits its business dealings with the state. The Texas Permanent School Fund divested $8.5 billion from BlackRock earlier this year.
Despite Texas’ crackdown on ESG investment practices, the state remains a key focus for finance companies like BlackRock. In February, BlackRock hosted an event about the state’s power grid in Houston, featuring CEO Larry Fink and Lieutenant Governor Dan Patrick. The firm is also supporting a new Texas stock market, which could benefit the state’s financial services industry. “Danner’s arrival will bolster our ability to deliver expertise, insights, and resources to policymakers across the region and expand our capacity to leverage BlackRock’s convening power through engagements like the Texas Power Grid Investment Summit,” the memo stated, which was confirmed by a spokesperson of the company. Bethel will report to Jane Moffat and be based in Austin.