Partners Lance Dial and Elizabeth Goldberg and associate Rachel Mann authored an article for Reuters on the increased number of US states that have proposed or adopted new legislation prohibiting or significantly limiting state governments from investing in environmental, social, and governance (ESG) strategies, or doing business with financial institutions that adopt specific ESG policies. These anti-ESG bills vary considerably from state to state but often fall into two categories. One category is “financial institutions” that “boycott” or “discriminate against” companies in certain industries and prohibit the state from doing business with such institutions. The other is the prohibition of the use of state funds for the purpose of social investment.