On Tuesday, Florida Gov. Ron DeSantis signed into law a bill targeted to combat environmental, social and governance (ESG) from taking over the state’s financial sectors, refusing to to accept the radical left’s “woke ideology.”
According to a press release, House Bill 3 pertains to any state and local governments which makes financial decisions for Floridians and must make such decisions without the use of ESG standards which “inject[s] woke political ideology across the financial sector, placing politics above the fiduciary duty to make the best financial decisions for beneficiaries.” The state and local governments must base their decisions solely on the monetary factors at hand.
In a press release from the Governors office, the new law aims to protect Floridians from “woke ideology” infiltrating the finance sector which could negatively effect the state’s fiscal security and ensuring the banking industry doesn’t make bad loans because of ESG standards.
In a statement from DeSantis, “In Florida and across the nation, we’ve heard from law-abiding small business owners and consumers who’ve been denied access to financial services because of where they work or what they believe in. Through this legislation, Florida will continue to lead the nation against big banks and corporate activists who’ve colluded to inject woke ideology into the global marketplace, regardless of the financial interests of beneficiaries.”
Under the new law, state and local governments are barred from considering any ESG factors during the course of selling bonds, prohibits banks from participating in “corporate activism,” banks would not be allowed to review a “Social Credit Score” for issuing a loan and a customer’s political, religious or social ideology may not be a factor when applying for a loan.
In a statement from Republican state House Speaker Paul Renner, “Corporations have no right to bypass our democratic process. Companies that engage in ESG hurt their customers and the communities they serve, including Florida’s retirees, by making everything they produce more expensive. ESG undermines our national security and bypasses our democratic process. I applaud Governor DeSantis for standing up to corporate titans who believe they are a law unto themselves and protecting Florida’s hardworking families.”
Eighteen other states have followed Florida’s lead which now “serves as a blueprint” for each state to pass similar legislation with the goal of keeping “woke ideology” out of governments and financial sectors ensuring all Americans can experience financial freedom.