Treasury warns that anti-woke banking laws such as those in Florida are national security risk

[Tall Timbers]

WASHINGTON (AP) — The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.

The Associated Press obtained a copy of the letter sent Thursday to lawmakers. The letter singled out a law signed by Florida Gov. Ron DeSantis in May that says it would be an “unsafe and unsound practice” for banks to consider non-financial factors when doing business. The letter concludes that “such laws create uncertainty and may inhibit” national security efforts.

Conservative Republicans such as DeSantis have sought to block environmental and socially conscious standards for investing, saying that such initiatives can lead to unfair discrimination based on political beliefs and harm legitimate businesses. They say that considering environmental, social and corporate-governance issues, or ESG, before deciding whether to invest is woke behavior gone amok.

Treasury warns that anti-woke banking laws such as those in Florida are national security risk

The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing. The letter singled out a law signed by Florida Gov. Ron DeSantis in May that says it would...

www.yahoo.com

The USA and other countries are turning themselves upside down and inside out. Insanity is in the driver's seat.

 

[Hol]

Conservative Republicans such as DeSantis have sought to block environmental and socially conscious standards for investing, saying that such initiatives can lead to unfair discrimination based on political beliefs and harm legitimate businesses. They say that considering environmental, social and corporate-governance issues, or ESG, before deciding whether to invest is woke behavior gone amok.

There is a Christian financial activist, Jerry Boyer, who advises people who hold shares in a company to get involved in shareholder meetings. He has had some impact as he pushes for answers at the meetings, mainly because other shareholders are suddenly aware of the company practices (the DEI hiring and ESG investing goals).

He featured the efforts in Oklahoma in one of his podcasts.

"Oklahoma County District Court Judge Sheila Stinson on Tuesday issued a temporary injunction blocking enforcement of the law after finding retiree Don Keenan is likely to succeed in his lawsuit filed last year alleging the law violates the state constitution and is too vaguely written.
Oklahoma’s 2022 law is among dozens of Republican-sponsored bills across the country that aim to free fossil fuel companies from climate-driven constraints adopted by some Wall Street firms. The laws have led some financial firms like JPMorgan Chase and State Street to dial back their participation in industry efforts to reduce climate-damaging emissions through their investments.
Other, similar laws touch on hot-button environmental, social and governance (ESG) topics like abortion rights and firearms.
The Oklahoma law prohibits state agencies from doing business with financial firms that limit investments in energy companies, and requires the state treasurer to maintain a list of those companies even if they continue to own shares in fossil fuel firms. Treasurer Todd Russ last year included BlackRock, Wells Fargo, JPMorgan Chase and Bank of America on the list.
In her ruling, Stinson said the state constitution requires retirement funds be managed for the exclusive benefit of their beneficiaries, but the law appears aimed at countering certain political agendas and to help the oil and gas sector. Stinson also said the law contains conflicting and unclear definitions for key terms.
“This ruling is not going to stop the treasurer from fighting against ESG,” a representative for Russ said via email, noting he is preparing to appeal the order."
From: https://www.fastcompany.com/91121391/oklahoma-judge-halts-anti-esg-law

Jerry Bower: All Resources | Crown Financial Ministries