AZ House votes down bill barring banks from making loan restrictions
The Arizona House of Representatives voted against legislation that would have barred banks from considering a person’s or firm’s environmental, social justice and governance practices when deciding to lend money.
Two Republicans joined Democrats in voting against the bill, as they were worried about what those requirements would put on businesses.
Democrat Morgan Abraham is a representative from Tucson.
“I am looking at a board filled with a bunch of liberal Democrats as 'no's' and conservative Republicans as 'yesses' when this is telling businesses how to act and what to do," Abraham said.
Bill sponsor Republican Jake Hoffman argued if there weren’t restrictions against considering ESG scores, low- and middle-income families would be disproportionately affected as they can’t afford to take measures like putting solar panels on their home.