ESG financial movement takes it on the chin in Florida

On Monday, Governor Ron DeSantis was joined by Senate President Kathleen Passidomo and House Speaker Paul Renner to announce comprehensive legislation to protect Floridians from the woke environmental, social, and corporate governance (ESG) movement that continues to proliferate throughout the financial sector.

“Today’s announcement builds on my commitment to protect consumers’ investments and their ability to access financial services in the Free State of Florida,” said Governor Ron DeSantis. “By applying arbitrary ESG financial metrics that serve no one except the companies that created them, elites are circumventing the ballot box to implement a radical ideological agenda. Through this legislation, we will protect the investments of Floridians and the ability of Floridians to participate in the economy.”

The legislative proposal seeks to protect Floridians from the woke ESG financial scam by:

• Prohibiting big banks, trusts, and other financial institutions from discriminating against customers for their religious, political, or social beliefs — including their support for securing the border, owning a firearm, and increasing our energy independence.
• Prohibiting the financial sector from considering so called “Social Credit Scores” in banking and lending practices that aim to prevent Floridians from obtaining loans, lines of credit, and bank accounts.
• Prohibiting banks that engage in corporate activism from holding government funds as a Qualified Public Depository (QPD).
• Prohibiting the use of ESG in all investment decisions at the state and local level, ensuring that fund managers only consider financial factors that maximize the highest rate of return.
• Prohibiting all state and local entities, including direct support organizations, from considering, giving preference to, or requesting information about ESG as part of the procurement and contracting process.
• Prohibiting the use of ESG factors by state and local governments when issuing bonds, including a contract prohibition on rating agencies whose ESG ratings negatively impact the issuer’s bond ratings.
• Directing the Attorney General and Commissioner of Financial Regulation to enforce these provisions to the fullest extent of the law.

The proposed legislation builds upon actions taken by Governor DeSantis and his fellow trustees of the State Board of Administration (SBA) to remove any ESG considerations from state investment decisions, ensuring that all investment decisions focus solely on maximizing the highest rate of return.

ESG is a direct threat to the American economy and individual economic freedom. This attempt by the corporate elite to discriminate against those who do not follow a particular ideological agenda will be outlawed in Florida.