Tom Young | The Ohio House of Representatives
Tom Young | The Ohio House of Representatives
State Representative Tom Young has played a key role in the passage of legislation aimed at changing investment practices within Ohio's state retirement systems, workers' compensation, and higher education institutions. The legislation, Senate Bill 6, seeks to prohibit the use of environmental, social, and governance (ESG) criteria in making investment decisions.
The bill mandates that retirement boards, workers’ compensation administrators, and trustees of state educational institutions focus on maximizing investment returns. This legislative move aligns with a similar proposal by Young earlier this year through House Bill 4.
Young expressed concerns about ESG investing, stating, "The use of these subjective ESG rating scores is doing nothing except damaging Ohioans free enterprise and financial opportunity." He emphasized that banning such practices would help safeguard Ohio's financial future by prioritizing sound financial principles.
Additionally, the legislation prevents state entities from adopting policies that incorporate ESG factors into their investment decision-making processes.
Senate Bill 6 will proceed to the governor for consideration before potentially becoming law.
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