Washington – The Arizona House of Representatives Committee on Government is meeting now to discuss several bills including HB2457, which would block the State Treasurer from considering ESG factors in investment decisions and from talking positively in public about the benefits of responsible investing. Rep. Steve Montenegro (R-29) introduced the legislation, following his failed attempt in 2023 to pass a similar anti-ESG bill that Governor Katie Hobbs vetoed.
“This bill is yet another attempt by self-interested politicians to sow misinformation and doubt around the benefits of responsible investing,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “Extreme lawmakers like Rep. Steve Montenegro are acting at the behest of greedy billionaires from the oil and gas industries. These attacks against responsible investing, which are deeply unpopular across party lines, risk American jobs and retirement savings, our climate, and America’s presence on the global stage.”
The Arizona State Board of Investment has already adopted anti-ESG revisions to its investment policies and Arizona Treasurer Kimberly Yee pulled the state’s funds from BlackRock in 2022. Rep. Montenegro’s effort adds to the pile of attacks against responsible investing.
Over his political career Montenegro has received thousands of dollars in contributions from oil, gas, and mining interests, including several checks from Southwest Gas PAC. In 2022 he received a $5,300 contribution from 2020 election denier and former Overstock CEO Patrick Byrne.
