CFO Jimmy Patronis on Biden Veto of ESG Repeal in Pension Funds
strong>PANAMA CITY, Fla. - Today, Florida Chief Financial Officer (CFO) Jimmy Patronis issued the following statement on President Joe Biden’s veto of a bill that repealed a Department of Labor Rule facilitating the use of Environmental, Social, and Governance (ESG) standards in pension fund investments.
CFO Jimmy Patronis said, “With this veto, Joe Biden has notified asset managers that they are to ignore returns and focus on reengineering society. If ESG is such a great investment – it would not need a government regulation to protect it. This veto demonstrates that Joe Biden does not care about retirees, but he cares deeply for Larry Fink. They’ve also built programs to monetize ESG – and it’s a lot of easier to shut down your competition through regulation instead of competing for returns. This veto should embolden the House to ramp up its efforts to investigate asset managers for their use of ESG in anti-trust practices.”
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About the CFO
Florida
Chief Financial Officer (CFO) and State Fire Marshal Blaise Ingoglia serves as
the state’s top financial watchdog, a member of the Florida Cabinet, and the
head of the Florida Department of Financial Services. As CFO, he oversees
billions of dollars in state funds and is committed to protecting taxpayer
dollars, strengthening Florida’s fiscal health, and delivering essential
services that support the state’s excellent economy. As State Fire Marshal, CFO
Ingoglia also works every day to support Florida’s first responders as they
risk their lives to serve and protect communities across the state.