DeSantis signs bill to outlaw social credit scores, cracking down on ESG.
This is a developing story.
JACKSONVILLE, Fla. (FLV) – Gov. Ron DeSantis signed a bill to prohibit state investments from considering environmental, social, and governance, or ESG, factors in public investments.
Environmental, social, and governance, or ESG, is a commercial paradigm that bases investment decisions on political issues like social justice and renewable energy efforts.
The new law prohibits state and local governments investments from sacrificing investment return to promote ESG investments.
“We want to have an economy that’s based on value. That’s based on the best interests of beneficiaries if you’re talking about a pension fund,” DeSantis said.
“We don’t want to have an economy in which these businesses are taking all these positions on political issues or using shareholder assets to advance an ideological agenda.”
Speaker of the House Paul Renner, R-Palm Coast, said asset managers pushing ESG investments are “imposing a far left extreme agenda.”
“And so they are driving up our cost. They undermine our national security,” Renner said. “They hijack the democracy because no matter how we vote in an election, they’re going to force these companies to go in a leftward direction.”
The law said financial institutions such as banks could face administrative sanctions if they deny or cancel services based on political or religious beliefs.
Certain public bond issuers would be banned from issuing an ESG bond or contracting with rating agencies that use ESG scores that directly impacts the issuer’s bond ratings.
With regards to government contracting, the law bans state and local governments from considering social, political, or ideological believes when evaluating potential vendors. The governor considered this “social credit scores.”
“We don’t want any banking or lending practices to be imposing an ideological litmus test on your ability to get a loan, a line of credit, or even a bank account,” DeSantis said.

https://flvoicenews.com/desantis-signs-bill-to-outlaw-social-credit-scores-cracking-down-on-esg/