Boooo! Internet just went down.
Am on my phone to complain! LOL
Sen. Cruz Puts ESG and DEI in the Crosshairs
To date, 13 states—including Florida, Idaho, Texas, and many others—have passed legislation that seeks to ban ESG investing when it comes to state funds, such as public employee retirement plans. A similar pattern is emerging in red states, where governors like Ron DeSantis are banning DEI initiatives in publicly funded universities and K-12 public schools.
While this is all well and good, it only addresses part of the problem. First, ESG and DEI are gaining momentum in blue states, where there is simply too little pushback. Second, they are becoming entrenched at the federal level, mostly due to the fact that they are being fully embraced by the Biden administration, which is using the vast powers of the federal bureaucracy in an attempt to permanently install ESG and DEI without the consent of the governed.
However, this could change soon.
On June 8, Sen. Ted Cruz (R-TX) introduced a bill that would prohibit “companies that manage investment funds held in federal employee retirement accounts from using those holdings to vote in corporate shareholder meetings to force” ESG and DEI upon private businesses.
The bill, known as the STOP TSP ESG Act, specifically targets woke financial giants such as BlackRock, which Cruz argues, “is able to leverage its position as the fund manager to vote in shareholder meetings and to force publicly traded companies to adopt ESG and DEI policies, even if doing so adversely affects investor value.”