Image Credit: capitol.tn.gov
The Tennessee Conservative [By Adelia Kirchner] –
Yesterday, by a vote of 27-4, the Tennessee Senate passed legislation to prevent the State Treasurer from investing state and taxpayer dollars based on environmental social governance (ESG) factors, instead of financial ones.
Company ESG scores are not based on how well the company is run, its shareholder value, its return on investment (ROI), etc. ESG scores are instead based on social factors relating to environmental and social justice initiatives.
“There are entities out there that are trying to affect social policy [and] public policy, through control and manipulation of financial markets. […] They’re taking that authority away from people like us, who are duly and constitutionally elected to make public policy,” stated Senate Majority Leader and bill sponsor, Jack Johnson (R-Franklin-District 27).
Sen. Johnson believes those on Wall Street should not be deciding public policy for Tennesseans and he’s not the only one. Americans for Prosperity-Tennessee (AFP-TN) State Director Tori Venable commended the State Senate for their passage of Senate Bill 0955 (SB0955).
Just last month, AFP launched a national campaign urging the U.S. Congress to stop the Biden administration from allowing retirement plan managers to solely consider ESG issues when making investment decisions on behalf of their clients.
“Tonight’s vote in the Senate shows that Tennessee will not bow to the woke, radical agenda of environmental, social, and corporate governance goals.” Venable said in a same day press release.
“We commend Leader Johnson and Treasurer Lillard on their efforts to protect Tennesseans’ retirement savings by ensuring fiduciary responsibility and prohibiting unsound, politically motivated ESG investments,” she stated.
Corresponding House Bill 1286 (HB1286), sponsored by Rep. Jason Zachary (R-Knoxville-District 14), will be considered by the House Finance, Ways, and Means Subcommittee on March 15th, 2023.
Anyone wishing to support this legislation is encouraged to contact the subcommittee members prior to March 15th meeting using the contact information below:
Gary Hicks (Chair) (R) – rep.gary.hicks@capitol.tn.gov – (615) 741-7480
Charlie Baum (R) – rep.charlie.baum@capitol.tn.gov – (615) 741-6849
Scotty Campbell (R) – rep.scotty.campbell@capitol.tn.gov – (615) 741-2050
Karen Camper (D) – rep.karen.campter@capitol.tn.gov – (615) 741-1898
Mark Cochran (R) – rep.mark.cochran@capitol.tn.gov – (615) 741-1725
Jeremy Faison (R) – rep.jeremy.faison@capitol.tn.gov – (615) 741-6871
Johnny Garrett (R) – rep.johnny.garrett@capitol.tn.gov – (615) 741-3893
David B. Hawk (R) – rep.david.hawk@capitol.tn.gov – (615) 741-7482
Patsy Hazlewood (R) – rep.patsy.hazlewood@capitol.tn.gov – (615) 741-2746
Harold Love, Jr. (D) – rep.harold.love@capitol.tn.gov – (615) 741-3831
Jerome Moon (R) – rep.jerome.moon@capitol.tn.gov – (615) 741-5481
Johnny Shaw (D) – rep.johnny.shaw@capitol.tn.gov – (615) 741-4538
Sam Whitson (R) – rep.sam.whitson@capitol.tn.gov – (615) 741-1864
Ryan Williams (R) – rep.ryan.williams@capitol.tn.gov – (615) 741-1875
About the Author: Adelia Kirchner is a Tennessee resident and reporter for the Tennessee Conservative. Currently the host of Subtle Rampage Podcast, she has also worked for the South Dakota State Legislature and interned for Senator Bill Hagerty’s Office in Nashville, Tennessee. You can reach Adelia at adelia@tennesseeconservativenews.com.
