Legislation to Boycott ESG May Cost State Taxpayers up to $700 Million in Excess Payments
Conservatives pushing anti-sustainable legislation and directives in six states could result in taxpayers wasting hundreds of millions in higher municipal bond interest payments.
The higher interest rates are the result of less competition between finance firms for municipal bonds, as a result of the anti-sustainable investing legislation that forces state treasurers to boycott major banks and asset managers that historically have bid on the muni bond issuances.
The analysis found the aggregate increase in interest costs for the bonds issued in the analyzed states in the last 12 months.