DeSantis cracks down on ESG investment scam

 National Review:

Florida Governor Ron DeSantis announced a series of new proposals on Monday aimed at cracking down on the use of so-called Environmental, Social, and Governance criteria in investment decisions involving state and local funds.

The ESG movement promotes an investment discipline which emphasizes not just financial returns, but also grades companies on things such as their ethics, board diversity, political donations, and sustainability efforts. Speaking during a press conference in Naples on Monday, DeSantis defined ESG as a “mechanism to inject political ideology into investment decisions, corporate governance, and really just the everyday economy.”

As part of the proposed legislation DeSantis unveiled was a plan to codify into statute a resolution enacted last year that prohibited ESG investing in pension funds for state and local government employees, including firefighters, police officers, and teachers.

The proposed legislation would restrict banks that hold public funds – known as qualified public depositories – from utilizing ESG in in their investment decisions. Investment firms that engage in ESG would also be barred from being lenders to the state or to local governments.

The legislation would prohibit the state from providing ESG-related information to the credit-rating agencies that rate Florida’s ability to fulfill its debt obligations. And the state is seeking to enact protections for Floridians against discrimination from big banks based on their religious, political, or social beliefs, DeSantis said.

DeSantis said domestic energy production is a prime target of ESG. By disincentivizing investments in oil and gas and “constricting the ability to invest your money,” ESG violates the fiduciary duty that financial institutions have to shareholders to generate the highest return on investment, DeSantis said.
...

Energy-producing states like Texas are also cracking down on the attempts by leftists to defund oil and gas production. 

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