Montana ‘Pushing Back’: Ag ESG Returns Pushes Group Investments in State Fund

Montana Attorney General Austin Knudsen is demanding that the National Association of Attorneys General (NAAG) return all state funds that are currently invested by NAAG.

Knudsen, who has left NAAG, has threatened legal action if the funds are not returned and cited liberal environmental, social and governance (ESG) investments as one of the main reasons:

“And now we’ve learned that, while states like Montana are pushing back against the use of ESG in many other areas of our citizens’ lives, NAAG is investing its money in ESG-linked investments. This is clearly unacceptable.”

Knudsen cited the results of an investigation by Kansas Attorney General Chris Kobash who, in a letter dated Jan. 26, 2023, asked NAAG to provide a list of specific investments held by NAAG and its affiliates — i.e., certain stocks, bonds, mutual funds, exchange-traded Funds, limited partnership partnerships, and other financial positions held by NAAG entities.

Kobash expressed concern that NAAG’s investments are “undermining its efforts to combat the corrosive ‘ESG’ practices of investment firms and other players in the financial industry.” AG Kobash said, “These practices destroy shareholder value to achieve faddish ideological goals, often without proper disclosure to investors.

“[L]The fund’s ine items clearly show investments in ESG-oriented companies such as BlackRock and DFA Emerging Markets Social Core Equity. Fund,” Breitbart reported after reviewing information provided to Kobash by NAAG.

“Based on how I’ve seen NAAG operate, this revelation is not shocking,” AG Knudsen told Breitbart News:

“It seems they either don’t know how the money is invested, or they are trying to obscure the investment in ESG-related funds. Either way, this is not acceptable and I have stopped using Montanan tax dollars to pay NAAG dues because of this way of doing business.”

In his letter sent to NAAG on Wednesday (February 8, 2023), Knudsen told the association that Montana has 90 days to return the funds to avoid legal action:

“Return the money in your Montana owned account within 90 days or I will go to court and sue within the four corners of Montana law to make sure the money is returned safely and legally.”

Editor’s Comment: This piece is reprinted with permission and first appeared on