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Committee approves bill restricting ESG-driven investments by college endowments
Summary
The House Insurance & Commerce Committee voted to approve House Bill 1307, which amends the Uniform Prudent Management of Institutional Funds Act to prioritize financial returns and limit investment decisions made solely for environmental, social, or governance goals.
Representative Mindy Mackalinden, House District 10, told the House Insurance & Commerce Committee that House Bill 1307 ‘‘is designed to ensure transparency and responsible management of endowments for Arkansas colleges and universities.’’ She said the bill amends the Uniform Prudent Management of Institutional Funds Act (UPMIFA) to ‘‘prioritize financial responsibility…
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