Republican Florida Gov. Ron DeSantis announced proposed legislation Monday designed to end “ESG woke banking” in the state, slamming ESG as an “elite-driven phenomenon” that seeks to impose policies which would otherwise “never win favor” with the public.
ESG, or environmental, social, and governance standards, are a “mechanism to inject political ideology into investment decisions, corporate governance, and really just the everyday economy,” DeSantis said during the press conference. His plan aims to eliminate its influence in the state by withdrawing government support from banks that use it and creating protections for citizens.
DeSantis highlighted ways he believes the standards negatively impact the United States and its citizens, from increasing the country’s dependence on China to violating company’s duties to their shareholders and undermining the democratic process. Read more…
