Today, the New Hampshire Senate voted down SB 520, the final anti-responsible investing bill working its way through the state legislature. This was largely expected after a Senate committee voted against recommending the bill earlier this month.
In response, Unlocking America’s Future spokesperson Kyle Herrig said the following:
“We applaud the New Hampshire Senate for killing this bill – which would have made it more difficult to use responsible investing criteria when investing state funds. Responsible investing is good for Granite Staters’ wallets and good for business, creating jobs, opening new markets, and driving positive returns on investments. A defeat for greedy CEOs and the self-interested politicians who will do anything to protect them is a win for the rest of us.”
The New Hampshire bill had it become law could have had devastating impacts for Granite Staters. Analyses consistently have shown that these types of laws hurt pensions and increase taxes.
- 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.
