State Board of Education member Aaron Kinsey/Photo by Kinsey Campaign

State Board of Education Chairman Aaron Kinsey announced this week that the Texas Permanent School Fund (PSF) would be terminating its financial management agreement with BlackRock.

According to a statement released by Kinsey, the PSF and BlackRock had been in an agreement for BlackRock to manage more than $8.5 billion worth of Texas’ assets. However, Kinsey said the agreement was not in compliance with Senate Bill 13, which prohibits state investments in companies that boycott energy companies.

“Today represents a major step forward for the Texas PSF and our state as a whole,” Kinsey said in his statement. “The PSF will not stand idle as our financial future is attacked by Wall Street.”

Kinsey went on to say in his statement that the move now ensures that the PSF’s investments are in compliance with existing state law.

The move was praised by a number of state leaders, including Railroad Commissioner Wayne Christian, who in a tweet, wrote, “This is what you get when you mess with Texas!”