Florida's Latest Anti-ESG Efforts

Today, Governor DeSantis (R-FL) signed into law an anti-ESG bill that, among other things, bars managers of the state's pension fund from considering ESG factors when making investments. Instead, pecuniary factors are the only ones that can be considered. Additionally, this legislation--according to a press release from Governor DeSantis' office--would (1) "[b]lock the use of ESG in all investment decisions at the state and local level"; (2) "[e]liminate consideration of ESG factors by state and local governments when issuing bonds"; (3) "[p]rohibit state and local governments from using ESG as part of the procurement process"; (4) "[b]an the financial sector from considering so called 'Social Credit Scores' in banking and lending practices"; and (5) "[s]top[] financial institutions from discriminating against customers for their religious, political, or social beliefs." In effect, this legislation represents the latest--and most far-reaching--iteration of Republican