Florida Gov. Ron DeSantis on Tuesday signed a bill that will prevent government investment strategies that consider “environmental, social and governance” (ESG) standards, which Republicans have deemed “woke.”
“With that, ESG is officially DOA in the State Of Florida,” said DeSantis after signing the bill Tuesday.
The bill (HB 3) has been a priority of House Speaker Paul Renner, R-Palm Coast.
It expands on actions taken earlier by DeSantis and members of the state Cabinet to require investment decisions in the Florida Retirement System Defined Benefit Plan to prioritize the highest returns without consideration of the standards known as “ESG.”
Critics contend the proposal will cost the state money and hinder investment decision-making. The law, which will take effect July 1, doesn’t stop fund managers from investing in companies that use such standards.
