Florida House gives greenlight on anti-ESG legislation
TALLAHASSEE, Fla. (FLV) – The Florida House passed legislation, 80-31, on Friday that prohibits state investments from considering environmental, social, and governance, or ESG, factors in public investments.
It would also outlaw service denials based on one’s political or religious convictions.
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 bill sponsor, Rep. Bob Rommel, R-Naples, made an impassioned case in favor of the proposed legislation, HB 3.
“HB 3 will fight back against corporate elites who threaten to hijack our democracy through agenda laden ESG investment strategies which drive up cost of living, undermine our national security and bypass our democratic processes,” said Rommel.
The bill also demands local governments make investment decisions based only on “pecuniary considerations,” and not based on other criteria that include “sacrificing investment” to promote non-pecuniary causes.
According to Rommel, the legislation prohibits banks from refusing service based on an individual’s political and religious beliefs as well as their occupation.
“Financial institutions shall not deny or cancel services or otherwise discriminate on the basis of a person’s political belief, a person’s religious belief, or a person’s business sector,” said Rommel.
Additionally, the bill prohibits banks that engage in corporate activism from holding government funds as a Qualified Public Depository (QPD).
The legislation would also prohibit the financial sector from considering so-called “Social Credit Scores” in banking and lending practices that aim to prevent Floridians from obtaining loans, lines of credit, and bank accounts.
Rep. Anna Eskamani, D-Orlando, voiced her concerns about the legislation.
“When we try to tie the hands of businesses of what they can and cannot do, that is the antithesis of the free market,” Eskamani said. “It is not our business to tell a private company what they can or cannot do.”
Whilst delivering his closing remarks on the bill, Rommel pushed back on Democrat lawmakers concerns.
“I don’t know where all my liberal Democrats went but that’s all the bill is trying to do, make sure businesses and banks don’t discriminate,” said Rommel.
