New study finds Texas voters don’t support political interference in state and local investments

A new poll and research report from the group Unlocking America’s Future shows Texas voters have strong feelings on  elected officials interfering in how financial institutions invest money.

The poll found that 83 percent agree that it is not the role of Texas government to tell private financial institutions how to invest their customer’s money. The findings varied little by party affiliation, with agreement from 86 percent of Democrats, 84 percent of Independents, and 80 percent of Republicans.

More than half of Texas voters – 56 percent – oppose banning state retirement funds and local governments from doing business with firms based on their willingness to invest in oil and gas or gun manufacturers.

In fact, when respondents were asked about requiring public funds to be invested in fossil fuels, 58 percent were against such actions.

Kyle Herrig of Unlocking America’s Future said,

“This new research makes clear that Texas lawmakers are prioritizing politics and the interests of greedy billionaires over the economic security of Texans, threatening the ‘Texas miracle.”

As a reminder, Texas’ elected officials passed legislation back in 2021 that bars investment firms and banks from doing business with public entities, like cities and school districts, or making investment decisions on behalf of the state’s pension plans.

These findings align with our own recent research completed on behalf of the Alliance that found there was little appetite for elected officials interfering in the investment strategies of professionals.

We shouldn’t be surprised by the results of these surveys. Public opinion aside, study after study has shown these controversial actions taken by elected officials in Texas and other states cost retirees and taxpayers real money.