BlackRock CEO Larry Fink recently argued that an Executive Order to curb the influence of large proxy advisers and index funds would empower “foreigners” and “activists.” We do need to stop foreign investors and political operatives from interfering with American companies, but the record shows that BlackRock has a long history of empowering such interests, and it remains a major part of the problem. Especially with the order now signed by President Trump, Mr. Fink should put his words into action and actually stop conduct that he now admits is harmful to American interests.

Over 40% of BlackRock’s assets are foreign-owned. According to a Congressional investigation, Norway and Japan‘s government pension funds pressured BlackRock into changing its shareholder votes and joining Climate Action 100+. Afterwards, BlackRock’s votes for environmental proposals increased tenfold (from 6% to 64%), and its votes against directors on climate-related issues increased fivefold (from 55 to 255).

Read Will Wild’s full op-ed at The Capalist.