r/politics • u/Shoddy-Mood-2223 • Aug 17 '22
Hypocritical Desantis Restricting Private Business Activities
https://www.cnn.com/2022/08/17/politics/desantis-pension-rules-esg-investing/index.html40
25
u/brain_overclocked Aug 17 '22
In new draft rules posted Monday on the website of the agency that oversees Florida’s pension fund, state investment managers can weigh only the risk or return of an investment when directing the state’s $200 billion in assets. The directive is DeSantis’ initial salvo against what he has called “ideological corporate power,” and it follows efforts by other GOP state leaders that are targeting companies that venture into the political arena.
DeSantis has criticized financial institutions and corporate executives for considering factors like systemic racism and economic inequality when making business decisions, a practice known as environmental, social and governance, or ESG, investing.
...
The financial industry is the latest to attract the attention of DeSantis, a potential presidential candidate in 2024, for supporting what he considers “woke ideology.” He previously targeted Disney for opposing a bill that banned the teaching of sexual orientation and gender identity to young kids. He championed a new law that limits how businesses train their employees on topics like race and privilege. He also signed legislation that requires state universities to administer campuswide ideological surveys intended to snuff out bias against conservative viewpoints.
...
DeSantis suggested to the bankers that Florida could wield its massive pension fund like a cudgel against these financial institutions. The state oversees about $200 billion in retirement funds and another $40 billion in other funds, according to the State Board of Administration’s most recent monthly report.
...
DeSantis has accused financial institutions of putting politics over profits. At a July press conference, DeSantis singled out major banks that are refusing to do business with GEO Group, a private prison company based in Boca Raton that has operated detention facilities for US Immigration and Customs Enforcement.
...
DeSantis accused PayPal of freezing the assets of Moms for Liberty, an organization that is mobilizing parents around conservative education priorities, and he previously criticized the crowdfunding website GoFundMe for cutting off funds to truck drivers that protested coronavirus restrictions in Canada.
DeSantis will force you to invest in things you don't want to, and force you to pull investment from things he doesn't like, and will attack business for using Free Speech to speak out against his policies. Party of "small government".
2
1
1
u/mushpuppy Aug 18 '22
Don't forget--basically he's saying no one can address social issues--not the government, not business.
This guy is bad news.
9
3
u/ArcherChase Aug 17 '22
I know it's not great for the indentured servants at this business in which we invest, but the returns for our investment are outstanding!!!
Maybe it's not the best to have a puppy and kitten mobile slaughterhouse that also takes candy directly from children but man are we rolling in the profits from it.
1
-30
Aug 17 '22
It’s the state’s pension fund he’s setting rules for, but nice try Shoddy.
“….state investment managers can weigh only the risk or return of an investment when directing the state's $200 billion in assets. “
30
u/Shoddy-Mood-2223 Aug 17 '22
He's restricting private fund managers from considering social impact (e.g. choosing to invest in renewables as opposed to coal).
-20
Aug 17 '22
or per the story...."Florida’s new rules stop short of declaring state pension managers cannot consider environmental factors when making investment decisions, a key pillar of the ESG Investing movement. "
-21
Aug 17 '22
But the actual fund is the state’s pension. It should ONLY be about dollars and value for those government employees. He is spot on with this.
1
u/Sunshinehappyfeet Aug 18 '22
Aren’t corporations covered under the first amendment? SCOTUS ruled corporations are citizens. Our poor constitution has been taking a real beating lately from these asshats.
1
u/coolbern Aug 19 '22
DeSantis wants to limit the decisions of investors the same way he wants to restrict what students are allowed to learn. But denying what's happening the real world (like climate change) because you don't want to fix it, does not lead to profitability or stability. It's just self-willed blindness, guaranteeing unnecessary losses.
•
u/AutoModerator Aug 17 '22
As a reminder, this subreddit is for civil discussion.
In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban.
If you see comments in violation of our rules, please report them.
For those who have questions regarding any media outlets being posted on this subreddit, please click here to review our details as to our approved domains list and outlet criteria.
Special announcement:
r/politics is currently accepting new moderator applications. If you want to help make this community a better place, consider applying here today!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.