American corporations have become more woke than ever.
Leftists are pushing a scam to reward woke companies and punish others through direct investments.
And Republican Congressman Andy Barr (KY) had a lot to say about Ron DeSantis’ battle against woke corporations.
ESG (Environmental, Social, Governance) is a social credit system that grades companies on climate change, diversity quotas, and other leftist priorities.
Left-wing politicians then steer government-held investments based on companies’ ESG score, rather than actual returns.
These schemes hurt American energy companies and are partly to blame for reduced domestic energy production and sky-rocketing gas prices.
Of course, anyone managing investments should be most concerned with maximizing returns.
But ESG instead puts politics first.
As DeSantis Daily previously reported, Ron DeSantis has put forth legislative and administrative proposals to prevent the Florida State Board of Administration from investing based on ESG criteria.
As Governor, DeSantis is one of three trustees on the FSBA, which holds $240 Billion in assets including the $189 Billion retirement system.
At the next State Board of Administration meeting, Governor DeSantis will propose an update to the fiduciary duties of the State Board of Administration investment fund managers and investment advisors to ensure investment decisions are based on potential returns, not ESG factors.
In a video posted on DeSantis’ Twitter account Wednesday, he said, “We’re going to work . . . to make sure that we have statutory reforms so that we’re putting the people of Florida first. We’re going to do what’s in their best interest, not whatever the delusion of some wealthy woke CEO wants to do.”
DeSantis is also proposing legislation that will prohibit big banks, credit card companies and money transmitters from discriminating against customers for their religious, political, or social beliefs.
Appearing on Fox Business, Congressman Andy Barr applauded DeSantis’ efforts to combat ESG in his state.
Congressman Barr is working on federal legislation to require financial advisors to prioritize financial returns over factors like ESG.
As Congressman Barr points out, funds that prioritize ESG have lower returns than those that don’t.
Policies that steer investments toward ESG factors are a breach of fiduciary duty to investors.
Most Americans with retirement funds would want their money invested based on providing the best returns for them, rather than to push a political agenda that they don’t agree with.
Ron DeSantis continues to stand up to corporate wokeness, and Florida’s retirees will benefit as a result.
DeSantis Daily will keep you up-to-date on any new developments in this ongoing story.