Recently, Governor Ron DeSantis of Florida, who belongs to the Republican Party, has signed a new law to prevent ESG (Environmental, Social, and Governance) standards from influencing the State’s financial sector. The law mandates that financial decisions must be based solely on monetary factors and not on any ESG standards. The aim of this move is to prevent what the Governor calls “woke political ideology” from infiltrating Florida’s financial industry by placing political beliefs above the responsibility to make the best financial decisions for beneficiaries.
— Chris 🇺🇸 (@Chris_1791) May 2, 2023
In a press release, Governor DeSantis has stated that he is protecting Floridians from the influence of “woke ideology” in the banking system and ensuring that Floridians are not denied loans based on ESG criteria. The HB3 legislation prohibits major activist corporations from injecting ESG compliance into the democratic process, discourages banks from engaging in “corporate activism,” prevents financial institutions from using “social credit scores” when issuing loans, and prohibits discrimination against customers based on their political, religious, or social beliefs.
We promised we would increase protections against the proliferation of ESG in our state and I’m proud to say we have delivered.
We cannot turn a blind eye towards large financial institutions and corporations that marshal their economic power in service of an ideological… https://t.co/gsvE3qPVFP
— Ron DeSantis (@GovRonDeSantis) May 2, 2023
According to Republican State House Speaker Paul Renner, corporations and banks should not be allowed to bypass the democratic process, and ESG initiatives often result in increased expenses that harm the communities they serve, as well as Florida’s retirees. He commends Governor DeSantis for standing up to corporate giants who believe they are above the law and for safeguarding the hardworking families of Florida.
Governor DeSantis is leading an 18-state alliance to counter “woke” investment policies, and this legislation can serve as a model for other states to follow. The Governor is taking charge in guiding states such as Alabama, Alaska, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, West Virginia, and Wyoming to protect the financial freedom of Americans.
This action guarantees the financial independence of Floridians and prevents the exploitation of consumers by both banks and corporations through politicization. Governor DeSantis’s commitment to the well-being of Floridians is evident from his leadership in this matter.