Florida Governor Ron DeSantis has signed a comprehensive legislation to combat the environmental, social, and corporate governance (ESG) movement, which he claims injects woke political ideology in the financial sector, above the fiduciary duty to make the best financial decisions for beneficiaries. The legislation prohibits the use of ESG factors by state and local governments when issuing bonds, prohibits banks that engage in corporate activism from holding public deposits, and prohibits financial institutions from discriminating against customers for their religious, political, or social beliefs. The legislation also directs relevant authorities to enforce these provisions fully. The Governor’s proposal has been joined by nearly 20 states to push back against ESG proliferation.
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