Florida Gov. Ron DeSantis was joined by 18 governors, all Republicans, in an announced alliance opposing environmental, social and governance (ESG) issues. The announcement, in particular, calls for the use of their respective state pension budgets to undermine ESG efforts in the U. S. U. S.
The newspaper emphasizes the following: “As freedom-loving states, we can work together and leverage our state pension budget to force a shift in the way major asset managers invest the cash of tough Americans, making sure corporations focus on maximizing equity capital. “value, rather than in the proliferation of investments. This has awakened ideology.
Divesting the public pension budget from ESG-related investments is a first step for states wishing to take anti-ESG measures. The state pension budget is usually controlled through a small board of trustees that makes decisions based on their fiduciary duty, as explained in state laws. In Florida, the administrators of the State Board of Administration (SBA) are the governor, the chief monetary officer, and the attorney general. All elected members of the Florida Cabinet. When Florida first broke up in August 2022, the trustees just approved a solution that gave direction. No law was necessary.
The alliance goes further and calls for legislative measures that would restrict investment at the national and local levels, restrict the ability of state and municipal agencies to factor green bonds, and restrict the ability of monetary establishments to use “social credit scores. “The policy issues mirror HB 3, the anti-ESG law recently enacted in the Florida Legislature.
The meaning of this covenant does not lie in the proclamation itself. The document, on its face, has no legal authority. Like the ultimate proclamations made by a governor, the effect is necessarily symbolic. However, we must not forget the symbolism. This alliance deliberately places Florida law at the forefront of the ESG debate. Whatever Florida adopts, 18 other governors will soon review for their state legislatures to approve as well.
And Florida will pass a bill anti-ESG. La Senate President Kathleen Passidomo (R-Naples) and House Speaker Paul Renner (R-Palm Coast) not only supported the bill but also held a joint press conference with Gov. DeSantis to announce the arrival. of the bill. Renner continues to make the law his priority, speaking out against ESG. Florida’s chief financial officer, Jimmy Patronis, fully supported the law and has become a vocal opponent of ESG.
Florida’s 60-day legislative consultation began March 7 and HB 3 temporarily follows the committee’s procedure with minimal changes. Once passed, the law will be a model. Fund managers, business owners, and banking establishments in the other 18 states in the alliance deserve to take note of ESG policies in Florida, they will be available soon.
Note: Governor DeSantis’ workplace press release titled “Gov. Ron DeSantis Leads 18-State Alliance to Combat Biden’s ESG Financial Fraud,” leading many to conclude that only 18 states were involved. However, this number does not come with Florida, bringing the total to 19 states.
The 18 governors who signed off on Gov. DeSantis are: Alabama Gov. Kay Ivey, Alaska Gov. Mike Dunleavy, Arkansas Gov. Sarah Sanders, Georgia Gov. Brian Kemp, Idaho Gov. Brad Little, Iowa Gov. Kim Reynolds, Mississippi Gov. Tate Reeves, Missouri Gov. Mike Parson, Montana. Governor Greg Gianforte, Nebraska Governor Jim Pillen, New Hampshire Governor Chris Sununu, North Dakota Governor Doug Burgum, Oklahoma Governor Kevin Stitt, South Dakota Governor Kristi Noem, Tennessee Governor Bill Lee, Utah Governor Spencer Cox, West Virginia Governor Jim Justice and Wyoming Governor Marcos Gordon.
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