March 16, 2023
This month, Congress exercised its powers under the Congressional Review Act to disapprove of theDepartment of Labor Rule relating to “Prudence and Loyalty in Selecting Plan Investments and Exercising
Shareholder Rights.” Yet again, President Biden put his political agenda above the wellbeing andindividual freedoms of hardworking Americans. We as freedom loving states can work together andleverage our state pension funds to force change in how major asset managers invest the money ofhardworking Americans, ensuring corporations are focused on maximizing shareholder value, rather
than the proliferation of woke ideology.
In response to Congress taking action to keep politics out of Americans’ retirement funds, President
Biden threatened to veto this measure, which puts the pensions of thousands of hardworking Americans at
risk to the radical environmental, social, and corporate governance (ESG) movement, rather thanprioritizing investment decisions on the highest rate of return. Retirees, already suffering from the recklessfiscal policies of the Biden Administration, will continue to experience diminished returns on theinvestment of their hard-earned money while the corporate elite continue to use their economic power toimpose policies on the country that they could not achieve at the ballot box.
The proliferation of ESG throughout America is a direct threat to the American economy, individual
economic freedom, and our way of life, putting investment decisions in the hands of the woke mob to
bypass the ballot box and inject political ideology into investment decisions, corporate governance, and theeveryday economy.
To protect individuals from the ESG movement that threatens the vitality of the American economy andAmericans’ economic freedom, we agree to lead state-level efforts, including:I.

Protecting taxpayers from ESG influences across state systems: Among other actions, thismay include blocking the use of ESG in all investment decisions at the state and local level,
ensuring that only financial factors are considered to maximize the return on investment,
protecting retirees and taxpayers alike. This may also include eliminating consideration ofESG factors by state and local governments when issuing bonds or prohibiting state fundmanagers from considering ESG factors when investing taxpayer money.

II.

Protecting citizens from ESG influences in the financial sector: Among other actions, this may
include banning the financial sector from considering so called “Social Credit Scores” inbanking and lending practices aimed to prevent citizens from obtaining financial services likeloans, lines of credit, and bank accounts. This may also include stopping financial institutions

from discriminating against customers for their religious, political, or social beliefs, such as
owning a firearm, securing the border, or increasing our energy independence.
As Governors, we are committed to protecting the interests of our constituents and will keep fighting theAdministration’s decision to jeopardize retirement savings for millions of Americans to promote far left
priorities.
Signatories:

Governor Ron DeSantis
State of Florida

Governor Kay Ivey
State of Alabama

Governor Mike Dunleavy
State of Alaska

Governor Sarah Sanders
State of Arkansas

Governor Brian Kemp
State of Georgia

Governor Brad Little
State of Idaho

Governor Kim Reynolds
State of Iowa

Governor Tate Reeves
State of Mississippi

Governor Mike Parson
State of Missouri

Governor Greg Gianforte
State of Montana

Governor Jim Pillen
State of Nebraska

Governor Chris Sununu
State of New Hampshire

Governor Doug Burgum
State of North Dakota

Governor Kevin Stitt
State of Oklahoma

Governor Kristi Noem
State of South Dakota

Governor Bill Lee
State of Tennessee

Governor Spencer Cox
State of Utah

Governor Jim JusticeState of West Virginia

Governor Mark Gordon
State of Wyoming