Kentucky Governor Signs Bill Banning ESG Investment in Public Pensions

The Epoch Times Header

Kentucky Gov. Andy Beshear, a Democrat, has signed into law a measure that requires the stateโ€™s public pension funds to make investment decisions on financial risks and returns, rather than environmental, social, and governance (ESG) factors.

Beshear signed House Bill 236 into law on March 24, mandating the stateโ€™s fiduciaries to solely consider factors that have a โ€œdirect and material connection to the financial risk or financial return of an investment,โ€ according to the language of the bill.

It bans actions on โ€œnonpecuniary interests,โ€ including โ€œenvironmental, social, political, or ideological interestโ€ without a connection to the financial performance of an asset.

State Treasurer Allison Ball, a Republican, touted the new law, saying โ€œKentucky now has the strongest anti-ESG legislation in the nation,โ€ Just the News reported on March 28.

โ€œFor many years, pension investments were about maximizing returns,โ€ Ball added. โ€œRecently, however, there has been a destructive shift in investment methodology to use the savings of Americans as financial muscle to push ideological causes through the ESG movement.

โ€œKentucky has said no to this shift by passing HB 236, which clarifies that pension fiduciaries must base investment decisions solely on financial metrics, not politics.โ€

The stateโ€™s House passed the legislation 77โ€“17 on March 2 and the stateโ€™s Senate passed it on March 13 after a 32โ€“5 vote. Republicans hold supermajorities in both chambers of the state legislature.

Heritage Action for America, a grassroots conservative advocacy group, issued a statement on March 24 applauding the Kentucky General Assembly and Ball for โ€œtheir efforts to protect citizens from the harms of the radical ESG movement.โ€

โ€œWith the ESG movement infiltrating businesses and threatening Americansโ€™ finances, itโ€™s now more important than ever to ensure that asset managers are following through with their fiduciary responsibilities,โ€ said Jessica Anderson, the groupโ€™s executive director. โ€œAs the first bill of its kind to be enacted, HB 236 will require asset managers to prioritize the investment returns and financial interests of Kentuckians.โ€

Byย Frank Fang

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

For veteran lobsterman Travis Dammier, it was the end of another trip at sea on a solo voyage to earn a living.

Viewers like you

There is no constitutional authority for any spending on public broadcasting โ€“ period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who havenโ€™t passed background checks.

Supreme Court Sides With DOGE in Social Security, Records Cases

The Supreme Court handed DOGE two big wins late on June 6 in its effort to reduce the size of the federal government.

Kilmar Abrego Garcia Returns to US to Face Criminal Charges

Kilmar Abrego Garcia, a citizen of El Salvador, is on his way back to the US, where he will face criminal charges for allegedly smuggling illegal immigrants.

White House Adviser Gives Update on DOGEโ€™s Future Amid Muskโ€“Trump Spat

A top White House adviser said DOGEโ€™s work will likely continue amid a spat between its former chief, Elon Musk, and President Donald Trump.

Trump Administration Asks Supreme Court to Allow Dismantling of Education Department

Trump admin asked Supreme Court to allow it to resume dismantling U.S. Dept of Education, following a lower courtโ€™s previous order halting process.

FTC Warns of Rising Student Loan Scams, Says Fraudsters Took Millions From Borrowers

FTC is warning borrowers to steer clear of student loan debt-relief scams, after shutting down group of companies that allegedly charged millions in illegal fees and left customers worse off.

Walmartโ€™s Drone Delivery Coming to 5 More US Cities

Walmart is set to launch its drone delivery service in five more U.S. cities: Atlanta, Charlotte, Houston, Orlando, and Tampa, the company.

Court Orders Trump Administration to Restore AmeriCorps Funding to States

Federal court ordered Trump admin to restore AmeriCorps funding to states. The ruling comes as part of a lawsuit filed by 24 states and DC.
spot_img

Related Articles