The Arizona State Legislature could soon sue the National Association of Attorneys General over the alleged use of taxpayer dollars on bad investments, including ones involving environmental, social, and corporate governance.
House Speaker Ben Toma and Senate President Warren Petersen said in a letter that because the group uses public funds, including from the state of Arizona, the millions reportedly lost is cause for concern.
“The press has recently brought to light that NAAG has amassed over $250 million in assets from public enforcement settlements, which include Arizona public monies. Further, as has been reported previously, the IRS has declared NAAG to be an instrumentality of the States,” the letter states.
In addition to investments into firms that promote ESG, which some say negatively affects the fossil fuel and agriculture industry in order to push progressive ideals, the Republican leaders also say NAAG has also used taxpayer dollars for international trips, “private equity” and “foreign stocks” – reportedly resulting in a minimum $37 million loss last year, according to the letter.
“It is time that Arizona’s laws and regulations start applying to NAAG and that this unaccountable slush fund activity stop now,” the letter continues.
NAAG told The Center Square on Thursday morning that they’ve gotten the letter from the lawmakers.
“NAAG has received the letter from the Arizona Legislature. We are working with our Executive Committee of attorneys general on the matter and will present it to our membership,” the organization said in an email statement.
The move comes as groups are facing questions about ESG, namely the encouragement to align investments with the United Nation’s goal of net-zero emissions by the year 2050. This debate led Vanguard CEO Tim Buckley to decide that his massive organization would not be following the goals of the controversial Net Zero Asset Managers Initiative, the Financial Times reported in February.
Besides the legal action from the legislature, Democratic Attorney General Kris Mayes pulled the state from an investigation touted by her Republican predecessor Mark Brnovich into the ESG practices of financial institutions, The Center Square reported on Feb. 13.
1 thought on “Arizona lawmakers could sue national organization over suspect taxpayer spending – The Center Square”
With Democrats and out of state money helping control elections in Arizona, those that are paying attention see the damage Dem socialism is doing to all traditional business and cultural norms.
Only an aware and active citizenry can turn this around. Most critical is making out elections clean and software controlled equipment removed from the process. If not; no future election can be won only by those “approved” by the Democrat Party.