Governor Ron DeSantis of Florida is spearheading a coalition of 18 states aimed at countering the rising popularity of "woke" environmental, social, and governance (ESG) investment policies. The alliance was officially declared on Thursday, in response to President Joe Biden's promise to reject a proposed legislation against ESG. The bill was intended to repeal a Department of Labor regulation that enabled pension and retirement fund managers to consider ESG criteria while making investment decisions.
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The governors of the 18 states will head the alliance, which aims to safeguard the "financial freedom" of Americans by implementing state-level actions such as regulating the allocation of state funds, disallowing specific forms of investment, and prohibiting the integration of ESG considerations in bond sales and investment practices at the local and state levels. Additionally, the coalition strives to prevent the use of "social credit scores" in loan evaluations and prevent financial institutions in the state from discriminating against people based on their religious beliefs, political affiliations, or social views.
Governor DeSantis declared in a statement that Florida is the driving force behind America's economy, having maintained an unemployment rate that is consistently lower than the national average and the highest rate of new business establishments compared to any other state. He added that they will not remain passive spectators as the stability of the nation's economy is jeopardized by "woke" executives who prioritize their political agenda over their clients' financial interests.
The coalition's framework is largely inspired by Governor DeSantis' recently proposed anti-ESG bill aimed at securing the "economic freedom" of Floridians. DeSantis has been an outspoken critic of ESG policies, alleging that they enable progressive elites to advance their personal objectives and disregard the general public's wishes. He has voiced his intent to ensure that Florida's pension fund managers prioritize maximizing returns for the state's taxpayers and retirees, rather than pursuing a politically motivated plan.
It is encouraging to see Governor DeSantis and other conservative leaders take a stand against the radical “woke” agenda that has been pushed by liberal elites in recent years. The initiatives proposed by this alliance are a step in the right direction towards protecting Americans’ financial freedom, and ensuring that their hard-earned money is not being used to fund radical political agendas. Hopefully, this alliance will be successful in its mission to protect Americans from the dangerous effects of ESG policies.