South Carolina House Bill 3296 Fails, Preserving Sound Financial Practices and Protecting South Carolinians
South Carolina’s House Bill 3296, misleadingly titled the “Farmers Protection Act,” has failed to advance through the legislature. This outcome represents a victory for sound financial practices, market independence, and South Carolina’s economic future.
“The decision to reject this bill reflects a victory for sound policy and common sense,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “The so-called ‘Farmers Protection Act’ would have set a troubling precedent by pressuring financial institutions to overlook legitimate risk factors. This legislation raised serious concerns about government involvement in private business decisions and the potential consequences for responsible risk management.”
The defeated legislation would have prohibited financial institutions from considering responsible investing factors when engaging with agricultural producers. Despite being framed as “protection” for farmers, this bill would have done the opposite:
- Forcing financial institutions to ignore material financial risks in their lending decisions
- Creating a dangerous precedent of government interference in private business practices
- Potentially increasing costs for all South Carolinians by introducing more risk into the financial system.
- Undermining institutions’ ability to make sound, risk-informed decisions
Why Responsible Investing Matters for South Carolina’s Economy:
- Lower Costs for Families: Responsible investments often prioritize long-term sustainability that reduces costs over time, from energy-efficient infrastructure to climate-resilient development.
- Increased Competitiveness: Many companies headquartered or operating in South Carolina already incorporate responsible investing factors to remain competitive globally and attract investment capital.
- Job Creation: The prioritization of sustainable technologies creates new, high-paying jobs in renewable energy, water conservation, and other future-focused industries critical to South Carolina’s growth.
- Risk Management: Considering environmental and social factors helps investors avoid costly risks, protecting retirement savings for public employees and state investments.
More information on anti-responsible investing bills in South Carolina here. To speak with a UAF spokesperson about this legislation, please email us at press@unlockingamericasfuture.org.
