This morning the New Hampshire State Senate will hold a hearing to consider SB 520, a bill that seeks to ban state and local public retirement systems from engaging in responsible investments – jeopardizing pensioner returns and taxpayer dollars. Introduced by State Senator Bill Gannon, the bill’s companion legislation in the House (HB 1267) was put in front of the House Executive Departments and Administration Committee yesterday and was met with significant backlash from the public, environmental advocates, and financial experts.
Unlocking America’s Future Kyle Herrig issued the following statement in anticipation of today’s hearing.
“Like yesterday’s hearing in the New Hampshire House, today’s hearing in the New Hampshire Senate is nothing more than propaganda performance art. SB 520 is dangerous, extreme, costly, and does nothing to help Granite Staters.” Herrig continued, “even 70% of Republicans oppose government interfering with responsible investing – putting efforts like SB 520 and Governor Christopher Sununu’s similarly charged 2023 executive order at odds with the people of New Hampshire and America.”
What is happening in New Hampshire today is part of a coordinated effort by self-interested corporate and special interests to undermine responsible investing. Everyday Americans stand to lose from these attacks. Research has consistently shown that attacks on responsible investing endanger the financial well-being of everyday Americans, especially in the form of higher taxes and lower returns on retirement savings.
- The Kansas State Division of the Budget projected reduced returns of $3.6 billion over 10 years for the Kansas Public Retirement System if anti-ESG investment restrictions were adopted.
- The Arkansas Public Employees Retirement System estimated they could lose $30-40 million each year due to an anti-ESG bill requiring public divestiture from institutions using ESG-related metrics. The Arkansas Teacher Retirement System estimated an additional $7 million in losses each year as a result of the legislation.
- According to the state’s Chief Investment Officer, the Oklahoma Public Employees Retirement System could face $9.7 million in taxes, fees and commission costs if it is forced to divest from BlackRock, Wells Fargo, JP Morgan Chase, State Street Corp, and Bank of America because of anti-ESG legislation.
- An economic analysis found that taxpayers in six states — Kentucky, Florida, Louisiana, Oklahoma, West Virginia and Missouri — could be on the hook for up to $700 million in excess interest payments if restrictions on sustainable investing are implemented.
- A 2022 study found Texas’ anti-responsible investing laws would result in up to $500 million in undue interest over the first eight months of enforcement, costs which would ultimately be borne by taxpayers in the state.
