[1/2]A bale of hay sits wrapped in a material to look like the American flag on a farm in Appleton City, Missouri, U.S., August 11, 2021. REUTERS/Shannon Stapleton/File Photo
July 10 (Reuters) – A new Missouri securities rule offers a template for Republican U.S. state officials who want to advance an “anti-woke” business agenda even as such ideas struggle for legislative backing.
Missouri’s Republican secretary of state, John “Jay” Ashcroft, issued a rule on June 1 that requires broker-dealers to obtain consent from customers to purchase or sell an investment product based on social or other nonfinancial objectives, such as combating climate change.
Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state’s legislative session that ended on May 12, amid infighting over which bills should be prioritized.
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Both the new rule and failed legislation were part of a broader push by Republicans in some U.S. states to limit the growing consideration of environmental, social and governance (ESG) factors by business and investors.
Many Republican politicians call such concerns “woke” overreach, using a term the Merriam-Webster dictionary defines as attentiveness to racial and social-justice issues. This year they proposed some 165 pieces of legislation in 37 states to counter ESG investment practices, according to Pleiades Strategy, a climate-focused research and advisory firm.
But of those 165 proposals, only 22 anti-ESG laws in 16 states were approved this year, Pleiades found. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government.
Several corporate attorneys said other Republican officials may adopt Ashcroft’s playbook and act on their own. “In the absence of legislative action, which can be hard to achieve, you’ll see a migration to action via executive or administrative orders and attorney general opinions,” said Beth I.Z. Boland, a securities litigator for Foley & Lardner in Boston.
The policy changes pursued by Republicans have yet to put a major dent in ESG as an asset class, as investors take stock of issues like climate change and workforce diversity. Morningstar Direct tracked $2.74 trillion in funds globally that used ESG criteria to evaluate investments or assess their societal impact as of March 31, up from $2.69 trillion a year earlier.
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But the attacks have persuaded some Wall Street firms to change their messaging to avoid controversy. BlackRock (BLK.N) Chief Executive Larry Fink said last month he had stopped using the term “ESG” because it has become too politicized.
Reuters Graphics
‘NOVEL APPROACH’
Ashcroft is also running for governor of Missouri on a conservative platform, including a vow in a campaign video to protect residents of the midwestern state from banks that focus on what he called “woke politics.”
Ashcroft told Reuters in an interview that “an extremely dysfunctional session” prevented the measure in question from advancing through a Senate committee after it passed the state’s House of Representatives. Committee members did not return messages.
But Ashcroft also said he wanted to take a different tack than in other states with new Republican-backed restrictions like barring certain companies from managing public money.
“We think we’ve taken a novel approach that protects people but doesn’t preclude them from deciding what to do with their own money,” he said about the rule he implemented, which is set to take effect at the end of July.
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According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January.
Business groups had raised objections including on legal grounds and that the rule would create unnecessary costs and logistical hurdles. “You can’t get away from the fact that this is a new mandate on employers and the financial industry,” said Dan Mehan, president of the Missouri Chamber of Commerce.
EXTRA ARROWS
Financial executives who so far have avoided the strongest laws worry that the possibility of executive or administrative actions, as in Missouri, gives state officials flexibility to keep up the pressure.
“There’s a lot more arrows in the quiver,” said K&L Gates attorney Lance Dial, whose clients include asset managers
Missouri is one of ten states whose secretaries of state have jurisdiction over securities, according to the nonpartisan national association of these officials who are often known for overseeing elections and business licenses. Of those ten officials, six are Republicans.
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In Wyoming, Secretary of State Chuck Gray has proposed ESG disclosure rules for investment advisers similar to Missouri’s. A public comment period is expected soon.
Before this year’s legislative wave, examples of Republican anti-ESG efforts included Florida’s chief financial officer and West Virginia’s treasurer withdrawing assets from BlackRock, and Kentucky’s treasurer and attorney general guiding state officials to limit investments in ESG.
To be sure, Republicans have also passed some notable new anti-ESG laws such as a bill signed by Florida Governor Ron DeSantis prohibiting ESG bond sales. DeSantis, who has been embroiled in a feud with Walt Disney (DIS.N), is seeking the Republican nomination for president.
Reporting by Ross Kerber in Boston
Editing by Greg Roumeliotis, Anna Driver and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
The owner of Las Palmitas Mini Market, Navor Herrera, received a $1M check during a press conference with Powerball officials on Thursday morning. (FOX 11)
Lottery players in 45 states, Washington D.C. and two U.S. territories hope for good luck when Powerball holds its three drawings each week and, according to a GambleSpot report, some states have had more wins than others over the years.
People in Indiana may be pleased to learn their state placed No. 1 thanks to the 1,153 Powerball wins from Match 5, 79 from Match 5 + Power Play and 39 for the jackpot over the span of just over 30 years, the gambling site said.
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The other nine most-winning states for the popular lottery game were spread across the country.
The timeframe that GambleSpot used to determine the order of its list for those types of wins ran from April of 1992 to 2024. It included a total of 43 states.
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The ten states at the top of the ranking notched a combined $40.43 billion worth of prizes adjusted for inflation, it said.
GambleSpot said the “luckiest” states when it came to Powerball were:
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1. Indiana
WHITING, IN – OCTOBER 17: Maryanne Rearick rings up Powerball lottery tickets for customers at a cigarette store October 17, 2005 in Whiting, Indiana. The numbers for the multi-state Powerball lottery, which is currently at the highest amount ever $3 (Scott Olson/Getty Images / Getty Images)
The Hoosier State owes its No. 1 spot to 1,271 wins, it said. Those amounted to nearly $6.46 billion.
2. Missouri
Between April 1992 and April 2024, Missouri clocked in at 1,046 wins, 31 of which landed someone the grand prize, according to GambleSpot.
3. Pennsylvania
WASHINGTON CROSSING, PA – MAY 10: Powerball tickets await players at Cumberland Farms convenience store May 10, 2004 in Washington Crossing, Pennsylvania. The winner of the May 8th $213 million dollar Powerball jackpot has yet to come forward. For se (William Thomas Cain/Getty Images / Getty Images)
The state of Pennsylvania had 918 wins. Pennsylvania is home to about 13 million people, per the U.S. Census Bureau.
4. Minnesota
The gambling site found the North Star State to have garnered 851 wins in about 32 years. Minnesota winnings totalled $3.75 billion during that span. The state lets those who land prizes upwards of $10,000 keep their identities private.
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5. Kentucky
“Seattle, WA, USA – June 15, 2012: A pile of Washington state Powerball lottery tickets. Tickets cost $2 and are sold in several states throughout the United States for a cash prize. Drawings are held every Wednesday and Sunday night.” (iStock / iStock)
Kentucky notched 825 wins, earning it fifth place, and $3.16 billion in prizes, according to GambleSpot. The biggest Powerball jackpot ever scored in Kentucky was $128.6 million in 2009, the Kentucky Lottery website said.
WINNING $478.2M POWERBALL TICKET SOLD IN GEORGIA
6. Wisconsin
The number of wins that GambleSpot tracked in the Badger State during its research totalled 797. That equated to $4.35 billion, it said.
7. Arizona
An Arizona Lottery kiosk displays lottery ticket games ahead of a PowerBall $1.5 Billon jackpot at a kiosk inside the Phoenix Sky Harbor International Airport (PHX) in Phoenix, Arizona on November 3, 2022. (Photo by Patrick T. FALLON / AFP) (Photo by (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
Meanwhile, the gambling site counted 789 wins for Arizona. The state started playing Powerball in 1994, per the Arizona Lottery website.
8. Louisiana
Louisiana placed eighth, having 700 wins and nearly $2.42 billion in winnings. The state’s biggest Powerball jackpot, won in 2017, was $191.1 million, according to the Louisiana Lottery.
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9. Florida
MIAMI, FLORIDA – OCTOBER 04: Forms to pick numbers for Powerball are on display in a store on October 04, 2023 in Miami, Florida. Wednesday’s Powerball drawing will be an approximately $1.2 billion jackpot. (Photo by Joe Raedle/Getty Images) (Joe Raedle/Getty Images / Getty Images)
The Sunshine state drew 567 wins and $4.90 billion during the timeframe it reviewed, GambleSpot’s research showed.
10. Connecticut
Powerball has been available in Connecticut since late 1995. People in Connecticut have won in 517 instances, per the gambling site.
Overall, people that play Powerball have a 1 in 24.9 chance of winning, with the jackpot carrying odds of 1 in 292.2 million, according to the lottery.
The largest prize that Powerball has ever seen, a $2.04 billion jackpot, occurred two years ago in California, Powerball’s website showed.
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Only two of the states featured in GambleSpot’s top-10 list – Florida and Wisconsin – have been home to one of Powerball’s 10 largest jackpots.
The lottery’s next drawing is slated for Saturday, when $171 million will go up for grabs.
The mayors of the four largest cities in Missouri, signed a letter addressed to governor-elect Mike Kehoe, asking him to take a concrete step to protect minors against the dangers of firearms.
COLUMBIA — The mayors of the four largest cities in Missouri signed a letter addressed to Gov.-elect Mike Kehoe asking him to take a concrete step to protect minors against the dangers of firearms.
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Kehoe won’t be sworn in until Jan. 13, 2025, but leaders from around the state are already speaking out about what could change in their communities.
The letter, dated Nov. 15, was signed by Springfield Mayor Ken McClure, with co-signatures from Columbia Mayor Barbara Buffaloe, Kansas City Mayor Quinton Lucas and St. Louis Mayor Tishaura Jones.
Buffaloe told KOMU 8 that she wants her signature to let “the governor-elect know the mayors of the four largest cities are ready to collaborate on some of his public safety initiatives.”
The current Missouri constitution does not set a minimum age to possess a firearm, and Buffaloe said she thinks in this case, Missouri’s law should match the federal law.
One advocacy group told KOMU 8 that it has made its mission to end gun violence. Kristin Bowen, a Columbia-based volunteer of Mom’s Demand Action, said she feels personally drawn to the issue because of her kids.
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“It’s personal for me,” Bowen said. “Our kids have been trained since kindergarten on how to handle themselves in an active shooter situation, it makes me angry that we put so much on our teachers and our kids and our schools to protect our kids.”
From 2023 to 2024, both victims and offenders of firearm related crimes from the ages of 10 to 17 years old increased, according to the Missouri State Highway Patrol.
The number of victims increased from 37 to 51, and the number of offenders increased from 44 to 54.
Bowen said her organization’s message gets lost at times, and is labeled with an “anti-gun” position. To her, Mom’s Demand Action is actually pro-gun ownership.
“We support the second amendment and the right for private citizens to keep and bear arms,” Bowen said. “It’s a misconception that we oppose the second amendment, that I think is a distraction from the real issue.”
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Bowen wants to see real solutions and progress, and hopes that with a new administration, this issue will be less politicized.
“I wish that we could at this moment — where we’ve got new administrations coming in to office — step away from this as a political issue,” Bowen said. “And take seriously what works.”
KANSAS CITY, Mo. — Missouri Attorney General Andrew Bailey announced his office will file a lawsuit against Jackson County over a gun ordinance recently passed by the county’s legislature.
The ordinance, introduced by Jackson County Legislator Manny Abarca, prevents 18- to 21-year-olds from buying pistols or semiautomatic rifles.
“I will be filing suit against Jackson County for their illegal attempt to violate Missourians’ right to keep and bear arms,” Bailey posted on his X (formerly Twitter) account.
Bailey’s office also ordered the county to preserve all records and communications from the legislature related to the measure.
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The ordinance was opposed and even vetoed by County Executive Frank White, Jr., who warned the legislature it could open the county to legal battles like the one Bailey threatened.
Still, the legislature voted to overturn his White’s veto, a move he called “disappointing.”
White released a statement on Bailey’s intent to sue the county, saying he wasn’t surprised.
“This announcement comes as no surprise. From the start, I made it clear that this ordinance violated Missouri law,” White said in part in a statement. “While I strongly disagree with the state’s preemption of local gun regulations — because I believe communities should have the ability to protect themselves—ignoring the law doesn’t lead to progress. It leads to predictable legal challenges and wasted resources, and unfortunately, this ordinance will do more harm to gun safety advocacy than doing nothing at all.”
On Tuesday, White said his office was receiving concerns about the ordinance and called on the legislature to amend the measure to add protections for young hunters at a Wednesday meeting.
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Abarca and other legislators subsequently skipped the meeting to protest an ongoing disagreement on how to allocate over $70 million in ARPA funding.
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