Governor of Florida Ron DeSantis has barred fund managers for state and local entities in the state from considering ESG factors in investment decisions.
According to ESG Today, government entities will also not be allowed to request ESG information from suppliers in the procurement process.
To date, DeSantis has been one of the most vocal anti-ESG advocates. Last year, he barred fund managers for state pension funds from incorporating ESG factors in the investment process.
DeSantis said, “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.”
Some of the key proposals in the new legislation proposed include banning the use of ESG in all investment decisions at the state and local level and banning all state and local entities from considering or requesting ESG information as part of the procurement and contracting process.
The new proposals would not allow the use of ‘Social Credit Scores’ in banking and lending practices, and would prohibit banks engaged in ‘corporate activism’ from holding government funds as a Qualified Public Depository.
DeSantis said in a post on Twitter, “ESG is a threat to the American economy and the individual freedoms that our country is built upon. It is dead on arrival in Florida.”
DeSantis recently signed a landmark insurance bill into law to help reform the state’s property insurance market.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst