Republican Treas. John Schroder – also a 2023 gubernatorial candidate – should extend his efforts to remove wokeism from the financial services industry, emulating some of his compatriots in this quest, and enticing the Louisiana Legislature to join in.
Already, with many other chief financial officers, Schroder has guided state investment policy to avoid as best possible placing idle state dollars in the hands of entities that practice viewpoint discrimination in their investment and lending choices. The Legislature also looks set to pass laws to do the same for contracting, although it will have to get by the ideology of Democrat Gov. John Bel Edwards to enact this into law.
Recently, another matter along these lines has popped up and drew Schroder’s attention. S&P Global, one of the three major credit rating firms, has begun to rate government debt on the basis of ESG factors – environmental, social, and governance. Despite the fact that investing on the basis of things such as degree of “green” or “woke” brings no extra return to shareholders and the reality of the speciousness of this due to high subjectivity of ratings on that basis, under pressure from leftist politicians and cultural elites a growing number of corporations and governments are incorporating ESG considerations into their policy preferences.