Prohibited considerations in awarding state or local financial assistance.
Impact
The implementation of SB686 could significantly alter the landscape of state and local financial assistance programs. By restricting the factors that can be considered in awarding funds, the bill may aim to streamline processes and ensure that assistance is granted solely based on economic merit rather than social considerations. This could lead to an increased flow of financial resources to agriculture and fossil fuel industries, which proponents argue are essential for economic stability and growth.
Summary
Senate Bill 686 establishes new regulations regarding the awarding of state and local financial assistance. The bill explicitly prohibits state agencies and local governmental units from discriminating against individuals based on their involvement in production agriculture or in the fossil fuel energy sector. It also prohibits the consideration of social and governance criteria, diversity, equity, and inclusion policies, as well as political and ideological factors in decision-making processes related to grants, loans, and other forms of financial assistance.
Contention
Notably, the bill raises points of contention related to its implications for social equity and environmental policies. Critics of the bill may argue that the prohibition on considering diversity and inclusion factors hampers efforts to promote equitable practices within state-funded programs. Additionally, the focus on fossil fuels, amidst ongoing climate change discussions, could spark further debates regarding environmental priorities versus economic interests, making SB686 a polarizing topic among legislators and advocacy groups alike.
Prohibiting discrimination by financial services companies on the basis of social credit score and requiring registered investment advisers to obtain written consent from clients prior to investing client moneys in mutual funds, equity funds, companies and financial institutions that engage in ideological boycotts.
Enacting the Kansas protection of pensions and businesses against ideological interference act, relating to ideological boycotts involving environmental, social or governance standards, requiring KPERS to divest from and prohibiting state contracts or the deposit of state moneys with entities engaged in such boycotts as determined by the state treasurer and prohibiting discriminatory practices in the financial services industry based on such boycotts.
Enacting the Kansas protection of pensions and businesses against ideological interference act, relating to ideological boycotts involving environmental, social or governance standards, requiring KPERS to divest from and prohibiting state contracts or the deposit of state moneys with entities engaged in such boycotts as determined by the state treasurer and prohibiting discriminatory practices in the financial services industry based on such boycotts.
State management: purchasing; awarding contracts to financial institutions that refuse to do business with certain persons; prohibit. Amends secs. 114 & 261 of 1984 PA 431 (MCL 18.1114 & 18.1261) & adds sec. 261g.
Relating to prohibitions on deceptive and unfair practices related to financial institutions discriminating in the provision of financial services to consumers and other persons.
Relating to prohibitions on deceptive and unfair practices related to financial institutions discriminating in the provision of financial services to consumers and other persons.