The group representing Republican state financial officers is forming a political arm in order to defend its members and push back even more against ESG.
The State Financial Officers Foundation has been at the forefront of combating ESG, which stands for environmental, social, and governance. As financial firms have adopted ESG to guide investment decisions,have increasingly opposed it, arguing that it is used to advance progressive goals through the financial system.
“There has been a dramatic uptick in their state-level lobbying, and we believe that’s a direct result of the work that our members and others have done to divest because of their approach to ESG,” he said during an interview. ESG has become a political hot potato, so the new group forming during an election year is notable. According to a news release, the new political advocacy organization will support “common-sense, pro-growth policy proposals that restore fidelity to fiduciary duty.”For instance, just this month, West Virginia Treasurer Riley Moore announced his state is banning four more banks from state contracts over their ESG policies and “boycotts” of fossil fuel companies.
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