Jimmy Patronis: If ESG Works, Govt. Doesn't Need to Protect It

The first veto issued by President Biden was on a bipartisan bill to prevent consideration of environmental social governance (ESG) issues in investment decisions. Florida CFO Jimmy Patronis appeared on Newsmax to discuss the veto, "if ESG is such a great idea, it wouldn’t need a government regulation to protect it."

"If ESG is such a great idea, it wouldn’t need a government regulation to protect it. With Biden’s veto he put asset managers over retirees," Patronis stated.

His initial statement mockingly said President Biden "does not care about retirees, but he cares deeply for Larry Fink."

Moreover, Patronis said if he were a fireman or police officer, he would be "outraged" at the Biden Administration, claiming "they don't care about the bottom line of my returns on my investment," and that they "have lost their way as a fiduciary" as Americans experience financial hardship across the board.

"You know, if I'm a firefighter, or if I'm a police officer, I would be outraged with Congress, I'd be outraged with this Administration. That they don't care about the bottom line of my returns on my investment. They have lost their way as a fiduciary. Inflation is up, it's costing people more than ever to live in their own homes. Interest rates are going up, banks are failing, and the Joe Biden Administration is choosing ESG over returns on investments for the citizens of this country," chides Patronis.

In February, Patronis stated that the ESG system is why the Florida Treasury removed $2 billion managed by the infamous BlackRock firm in December, adding that ESG is "against capitalism, it's against job creation."

"We've got companies that are based in Florida that are being debanked because ESG does not fit the business model that is acceptable to them. And that is making it harder to access capital. In addition, it's against capitalism, it's against job creation," he said.