The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
FILE - Florida Gov. Ron DeSantis speaks during a news conference in Miami, on May 9, 2023. The Associated Press obtained a copy of a letter sent Thursday to lawmakers. The letter single out a law signed by Florida Gov. Ron DeSantis in May that says it would be an unsafe and unsound practice for banks to consider non-financial factors when doing business.
The Treasury Department letter said that the Florida law could, however, undermine the work of federal agencies, heightening “the risk that international drug traffickers, transnational organized criminals, terrorists, and corrupt foreign officials will use the U.S. financial system to launder money, evade sanctions, and threaten our national security.”
The Treasury Department letter was a response to a July 8 request from Rep. Josh Gottheimer, D-N.J., Rep. Blaine Luetkemeyer, R-Mo., and Rep. Brad Sherman, D-Calif.“To any states that are considering similar laws, I urge them to think twice before putting America’s national security at risk," the congressman said in a statement.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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