Florida Banking November 2022

CEOs, the CEO of BlackRock, Larry Fink, called on every company to “set short, medium, and long-term targets for greenhouse gas reductions.” He makes that demand with an implied threat that if companies do not comply, he’ll use the shares he controls (that he didn’t buy; retirees and pensioners did) to undermine the companies’ leadership. And because the “Big 3” investment advisors — BlackRock, Vanguard and State Street — are the largest owners in 96 percent of the S&P 500 companies, they have the power and have shown a willingness to do it. Before theAugust district work period, I introduced the Investor Democracy is Expected (INDEX) Act. Simply put, this bill gives individual investors — retirement savers, pension holders, and owners of these index funds — the ability to participate or not participate in shareholder votes. Fund managers would no longer be

able to utilize the shares of everyday Americans to steer companies in a direction that satisfies their political desires.Those shares either get voted by the actual owner or don’t get voted at all. Recently former OMB Director Russ Vought said in an interview, “stopping ESG will take fortitude from Congress and fortitude from states” and he’s exactly right. To go even further, it will take fortitude from businesses that believe their mission is to provide a service to their customers, create employment opportunities for their workers, and provide for their families to resist the intimidation tactics so many are experiencing. If businesses choose to focus their efforts on the environment or some other priorities, they are certainly well within their rights to do that. But it must be their choice — not a mandate forced on them by regulators and activists.

LEADERSHIP LUNCHEONS HONORING FED GOVERNOR MICHELLE BOWMAN

MIAMI

Tuesday, January 10th 11:30 - 1:30 PM

AKA Hotel (formarly The Conrad) 1395 Brickell Avenue Miami, FL, 33131

TAMPA

Wednesday, January 11th 11:30 - 1:30 PM

Hilton Tampa Downtown Hotel 211 N Tampa St. Tampa, FL 33602

FBA Member Rate: $75 per person Non-Member Rate: $125 per person

FED Governor Michelle Bowman

For more information or to register for this event, visit our website: www.FloridaBankers.com.

WWW.FLORIDABANKERS.COM NOVEMBER 2022 — 21