FOR IMMEDIATE RELEASE
Monday, June 19, 2023
Governor Vetoes Bill Aimed at Protecting Government Investments
PHOENIX, ARIZONA—Senator Frank Carroll (R-28) is expressing his disappointment after the Governor vetoed SB 1500 (government investments; fiduciaries; pecuniary benefit), which would have empowered our Arizona State Treasurer to eliminate environmental, social, and governance (ESG) consideration from all state investments by requiring investments be made in the sole interest of the taxpayer.
Senator Carroll sponsored SB 1500, which asserted an investment evaluation, conducted by the State Treasurer, must be based on financial and economic factors, and not to promote nonpecuniary benefits, other nonpecuniary social goals or take unnecessary investment risks. This bill aimed to protect government employees who pay into a retirement fund, where that money is then invested by the State Treasurer. The growing practice of ESG policies being imposed on companies is cause for concern, as it deviates from typical investing and business practices to consider non-financial information about a company, and ultimately prioritizes liberal ideology and goals over investor returns.
"My interest is in protecting taxpayer dollars and protecting pensions," said Senator Carroll. "I sponsored this bill to get politics out of the pensions of public employees and public officials who have earned the right to financial stability after dedicating their lives to public service. By definition, pecuniary means, 'relating to or consisting of money.' That is the criteria by which taxpayer dollars should be invested, not a social system used to push political agendas."
For more information, contact:
Director of Communications | Arizona State Senate Republican Caucus