Limiting Government Overreach
Over the last several years, we have seen efforts to use non-financial criteria to shade and skew financial markets. Environmental, Social, and Governance (ESG) standards imposed on businesses and financial institutions distort the free market and place real costs on the people of Utah. As a Legislature, we are taking proactive measures against investment schemes based on assessments of businesses’ and individuals’ political beliefs.
HB 281: Social Credit Score Amendments prohibit governmental entities in Utah from using, enforcing, or providing data for a system that discriminates or gives preferential treatment to an individual. Similarly, SB 96: Fiduciary Duty Modifications ensures any state investment is done without regard to political, environmental, or social considerations of companies. Both bills passed committee this week and will be voted on in their perspective bodies.
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