In a priority of Speaker Paul Renner, R-Palm Coast, the Florida House on Friday passed a measure that would prevent consideration of “environmental, social and governance” standards in investing government money.
The Republican-controlled House voted 80-31 to approve the bill (HB 3) targeting what is known as “ESG.” Rep. Kimberly Daniels, D-Jacksonville, crossed party lines to join Republicans in supporting the bill.
Last year, Gov. Ron DeSantis and state Cabinet members directed investment decisions in the Florida Retirement System Defined Benefit Plan to prioritize the highest returns without considering environmental, social, and governance standards.
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The bill, which will go to the Senate, would expand that to all funds invested by state and local governments.
The bill would require that state and local-government investment decisions be made “solely on pecuniary factors” and prevent “sacrificing investment return or undertaking additional investment risk to promote any non-pecuniary factor.”
It would prevent government fund managers from considering issues such as climate change and social diversity when deciding how to invest money.
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