Fox News published a recent opinion piece on how anti-responsible investing measures (also known as ESG) is hurting the state of Texas.
Yes, you read that right…this was published in Fox News:
“Unfortunately, that’s the road Texas is heading down,” writes Brandon Arnold. “It’s now blocking certain financial institutions from participating in municipal bond markets in an attempt to push back on ESG policies.”
Anti-responsibility investing laws will ultimately hurt the taxpayer the most. An analysis by the Wharton School of the University of Pennsylvania and the Federal Reserve Bank of Chicago found that Texas municipalities will be paying $300 million to $500 million in additional interest because of the state’s anti-ESG law – and that’s just on the $31.8 billion borrowed in the first eight months after the law went into effect.
Arnold continues, “It would be bad enough if this ESG war was limited to our two largest states, but of course, others have joined the fray with red states lining up behind Texas while blue states team up with California. Stuck in the middle, as usual, are taxpayers who have to foot the bill for this back-and-forth battle. Simply put, all politicians should stop using taxpayers as their pawns as they duke it out in the culture war. And Texas politicians in particular should know better than to mess with their own state.”
This op-ed comes on the heels of numerous reports that have found Texas’s law to be an unmanageable disaster that is hurting small businesses and taxpayers.
To read the full op-ed, click HERE.
