JEFFERSON CITY, Mo. — A federal judge has struck down Missouri investment regulations that Republican Secretary of State Jay Ashcroft had touted as way to expose financial institutions that “put woke politics ahead of investment returns.”
The regulations "would have placed an unnecessary burden on investment firms – small and large – doing business here in Missouri,” said Kara Corches, interim president and CEO of the Missouri Chamber of Commerce and Industry. When Ashcroft subsequently announced his candidacy for governor in April 2023, he touted his efforts to require banks and financial advisors "to disclose to their clients when they make ESG investments that put woke politics ahead of investment returns.”The rule was challenged in court by the Securities Industry and Financial Markets Association, a trade group for broker-dealers, investment banks and asset managers.