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Missouri Democrats continue pushback against rule opposing ESG (2024)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Missouri Secretary of State Jay Ashcroft (R) published a rule last July restricting the use of ESG in public investment strategies. The Securities Industry and Financial Markets Association (SIFMA) filed a lawsuit in August claiming that the regulation conflicted with federal law. Judge Stephen R. Bough of the U.S. District Court for the Western District of Missouri last month rejected the state’s request to have the suit dismissed, ruling that SIFMA and its affiliate organizations had grounds to sue. Ashcroft then requested $1.2 million in the state’s 2024 budget to hire a law firm to defend the rule.
Missouri legislators held a hearing last week questioning Ashcroft’s decision to hire the law firm. Opponents argued that the rule and its defense were politically motivated:
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Democrats put Secretary of State Jay Ashcroft on the hot seat Thursday over his hiring of a private law firm to defend his office in a politically charged fight over investing rules. During a tense, hourlong grilling by members of the House Budget Committee, the Republican candidate for governor defended his decision to request $1.2 million in the upcoming state budget for legal fees associated with a lawsuit that claims the rules violate free speech rights. Rep. Peter Merideth, D-St. Louis, accused Ashcroft of using the rule change and the ensuing lawsuit to help him campaign for the GOP gubernatorial primary. 'I’m just tired of wasting our taxpayer dollars on legal fees for your campaign,' Merideth said.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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