2025
STATE OF WYOMING
25LSO-07731
SJ0011
SENATE JOINT RESOLUTION NO. SJ0011
Supporting anti-ESG litigation.
Sponsored by: Senator(s) Biteman, Barlow, French, Ide,
Laursen, D, McKeown, Nethercott, Salazar and
Smith, D
A JOINT RESOLUTION
for
1 A JOINT RESOLUTION requesting the state and the Wyoming
2 attorney general to utilize all legal tools available to
3 protect the investment of Wyoming's funds and Wyoming's
4 industries and policies.
5
6 WHEREAS, the prudent investor rule, which Wyoming and other
7 states have adopted, require investors to invest and manage
8 assets as a prudent investor would through the exercise of
9 reasonable care, skill and caution; and
10
11 WHEREAS, the prudent investor rule generally requires
12 investors to make investment decisions based only on
13 pecuniary factors to ensure the highest possible risk-
14 adjusted total net return; and 2025STATE OF WYOMING25LSO-0773
SJ0011
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1
2 WHEREAS, in recent years, many of the world's largest banks,
3 asset management companies and other financial institutions
4 have adopted an anti-free-market globalist ideology called
5 "stakeholder capitalism," which seeks to achieve a number of
6 environmental, social and societal governance policies
7 through the manipulation and control of the global economy;
8 and
9
10 WHEREAS, these companies have colluded to use their trillions
11 of dollars under their custody and control to make and attempt
12 to effectuate policy changes outside of the democratic
13 political process; and
14
15 WHEREAS, the collusion of these companies has had
16 considerable negative impacts on Wyoming's industries and has
17 made it difficult for the state of Wyoming to invest its funds
18 in a manner that supports the industries and policies of the
19 state; and
20
21 WHEREAS, in 2021 Wyoming Session Laws, Chapter 77, the
22 Legislature expanded the civil enforcement powers afforded to 2025STATE OF WYOMING25LSO-0773
SJ0011
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1 the Wyoming attorney general to enforce and enjoin violations
2 of Wyoming's antitrust and unfair trade laws; and
3
4 WHEREAS, legal tools are available for the state to push back
5 against the collusion of banks, asset management companies
6 and other financial institutions and their investment
7 decisions that are made not on pecuniary principles and
8 factors, but on ideological and noneconomic criteria that
9 have no benefit for the state of Wyoming; and
10
11 WHEREAS, the state of Wyoming has joined the state of Texas
12 and nine (9) other states in an antitrust lawsuit against
13 three (3) large asset managers for allegedly colluding to
14 reduce coal output, thus reducing supply and artificially
15 raising prices of electricity, creating cartel-level profits
16 for themselves.
17
18
19
20
21
22 2025STATE OF WYOMING25LSO-0773
SJ0011
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1 (a) That the legislature respectfully requests the
2 governor and the attorney general of Wyoming to:
3
4 (i) Continue to use all investigation and
5 litigation tools available under law to investigate and
6 prosecute banks, asset management companies and other
7 financial institutions for any illegal activity, including
8 colluding to implement the use of "stakeholder capitalism" or
9 any other ideological, nonpecuniary criteria in investment
10 decisions that negatively affect the children, citizens,
11 industry and financial well-being of Wyoming and the United
12 States, including the expanded civil enforcement powers now
13 available under Wyoming's consumer protection laws;
14
15 (ii) Seek, join and participate in the efforts of
16 other states that are investigating or litigating against
17 banks, asset management companies and other financial
18 institutions for their use of nonpecuniary factors in
19 investing public funds.
20
21 (b) That the legislature respectfully requests the state
22 treasurer to:
23 2025STATE OF WYOMING25LSO-0773
SJ0011
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1 (i) Use the enormous purchasing power of Wyoming's
2 sovereign wealth funds to find and attract asset management
3 companies that only seek to maximize returns and shareholder
4 wealth rather than drive a political or ideological agenda;
5
6 (ii) Ensure that the voting of proxies for all of
7 the state's investments are done in accordance with the best
8 interests of Wyoming's financial interests and not being
9 voted by proxy service providers who are engaged in
10 nonpecuniary, collusive or antitrust behaviors.
11
12 That the Secretary of State of Wyoming
13 transmit copies of this resolution to the governor, the
14 secretary of state, the state auditor, the state treasurer,
15 the state superintendent of public instruction, the attorney
16 general of Wyoming and the attorney general of each state and
17 United States territory.
18
19 (END)