The Arizona official put it better than I did - from traditional investment firm to political action committee.

But it's worse than that - by insisting companies take certain stands, "or else!!!" they'll be removed from BlackRock's index funds, and similar threats, BlackRock becomes the de facto Board for any company it wants to, for whatever key decisions BlackRock insists upon.
This turns a leviathon, already controlling or influencing billions in investor dollars, into a direct controller of companies and the free market.

A political action committee is one way to put it, but just a small part of the description. Because what political action committee controls billions of dollars of investor funds and can cause direct financial harm to whoever disagrees with its agenda.
 
Truly a horrific amount of power for one entity.

Arizona has it right, and other states need to take the same actions. 

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