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Soooo… This is an idealogically-driven bill against Indiana investing in ethics-driven companies? And the line in the sand is “Policy should be decided by policymakers (not their constituents)” ???
If this passes, then the INPRS will divest from local companies like Cummins, Lilly and Cook Medical – and this makes for a better Indiana because why?
House Speaker Todd Huston says that “businesses have a role to play, which is to run their businesses and not … be selective on when they wander into the political realm.”
Does Huston believe that “state government has a role to play, but that does not include being selective and prohibiting the investment in a one business that has a higher return-on-investment than a business that has a lower return-on-investment?
If Huston does NOT believe that, then he does not believe in the free market.
Our part-time, ideologically radical legislators should stop legislating things that they don’t understand. They want so badly to make a dubious and ill-informed political point that they’re willing to torpedo Hoosier retirement savings.
The House is so over their head on this issue.
ESG helps companies determine where and how they can improve the environmental and societal (both for employees and for society in general) footprint. ESG provides a common measuring stick that most major and many small and startup companies use. Legislators need to stop hamstringing companies and investors from doing what is now a common practice. Let the finance professionals determine what will give the best returns whether it is by ESG or otherwise. A replacement measurement stick for ESG, as possibly proposed by the Senate, only increases the cost to a company for complying with Indiana regulations; why would a business or investment film do that when they have 49 (or whatever number allow ESG investing) other states for which they do not need to do the extra work.
As I’ve said before, ESG is good, smart capitalism. What the legislators are attempting is anti-free-market and akin to–dare I say it–socialistic intervention in the market.
Todd Huston’s quote in this article is astoundingly dumb.
This anti-ESG bill doesn’t restrict from investing in any company. But that’s the point. ESG policy’s require investment in only those companies that score high enough on the social report card. All this bill says is profits come before social idealism. I would have liked to have seen the math on the 6.7-billion-dollar loss the article talks about. And as a side note, it is time for this governor to go.
The governor is the adult in the room, far more that Huston or Manning.
The anti-ESG bill in the House is just as stupid as a bill that would force only ESG investments.
The House bill would force is to get out of the funds that give us the best returns because they’re not ideologically pure enough. They’re getting the best returns and using ESG, it appears. Current state, if the funds we use stop getting good returns because of ESG, we will vote with our feet and drop them.
The Senate bill – “ignore ESG, invest in what gets the best returns – is the proper response. That it’s already the policy of the state of Indiana …it’s a bill that does nothing, but at least it does no harm.