Supporting anti-ESG litigation.

25LSO-0773
2025
State of Wyoming
25LSO-0773
Numbered
2.0

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

A JOINT RESOLUTION requesting the state and the Wyoming attorney general to utilize all legal tools available to protect the investment of Wyoming's funds and Wyoming's industries and policies.

WHEREAS, the prudent investor rule, which Wyoming and other states have adopted, require investors to invest and manage assets as a prudent investor would through the exercise of reasonable care, skill and caution; and

WHEREAS, the prudent investor rule generally requires investors to make investment decisions based only on pecuniary factors to ensure the highest possible risk-adjusted total net return; and

WHEREAS, in recent years, many of the world's largest banks, asset management companies and other financial institutions have adopted an anti-free-market globalist ideology called "stakeholder capitalism," which seeks to achieve a number of environmental, social and societal governance policies through the manipulation and control of the global economy; and

WHEREAS, these companies have colluded to use their trillions of dollars under their custody and control to make and attempt to effectuate policy changes outside of the democratic political process; and

WHEREAS, the collusion of these companies has had considerable negative impacts on Wyoming's industries and has made it difficult for the state of Wyoming to invest its funds in a manner that supports the industries and policies of the state; and

WHEREAS, in 2021 Wyoming Session Laws, Chapter 77, the Legislature expanded the civil enforcement powers afforded to the Wyoming attorney general to enforce and enjoin violations of Wyoming's antitrust and unfair trade laws; and

WHEREAS, legal tools are available for the state to push back against the collusion of banks, asset management companies and other financial institutions and their investment decisions that are made not on pecuniary principles and factors, but on ideological and noneconomic criteria that have no benefit for the state of Wyoming; and

WHEREAS, the state of Wyoming has joined the state of Texas and nine (9) other states in an antitrust lawsuit against three (3) large asset managers for allegedly colluding to reduce coal output, thus reducing supply and artificially raising prices of electricity, creating cartel-level profits for themselves.

NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE LEGISLATURE OF THE STATE OF WYOMING:

Section 1.

(a)

That the legislature respectfully requests the governor and the attorney general of Wyoming to:

(i)

Continue to use all investigation and litigation tools available under law to investigate and prosecute banks, asset management companies and other financial institutions for any illegal activity, including colluding to implement the use of "stakeholder capitalism" or any other ideological, nonpecuniary criteria in investment decisions that negatively affect the children, citizens, industry and financial well-being of Wyoming and the United States, including the expanded civil enforcement powers now available under Wyoming's consumer protection laws;

(ii)

Seek, join and participate in the efforts of other states that are investigating or litigating against banks, asset management companies and other financial institutions for their use of nonpecuniary factors in investing public funds.

(b) That the legislature respectfully requests the state treasurer to:

(i) Use the enormous purchasing power of Wyoming's sovereign wealth funds to find and attract asset management companies that only seek to maximize returns and shareholder wealth rather than drive a political or ideological agenda;

(ii) Ensure that the voting of proxies for all of the state's investments are done in accordance with the best interests of Wyoming's financial interests and not being voted by proxy service providers who are engaged in nonpecuniary, collusive or antitrust behaviors.

Section 2.

That the Secretary of State of Wyoming transmit copies of this resolution to the governor, the secretary of state, the state auditor, the state treasurer, the state superintendent of public instruction, the attorney general of Wyoming and the attorney general of each state and United States territory.

(END)
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SJ0011