When Missouri Secretary of State Jay Ashcroft jumped in the state’s gubernatorial race last year, the Republican vowed to tackle a slew of culture war issues, promising to fight the “woke politics” of “left-wing” banks and touting how he used his position to enact a regulation targeting those financial firms.
Ashcroft also said candidates shouldn’t focus on issues that let the one percent “force their beliefs on 99 percent of the population.”
While Ashcroft positioned himself as a champion for working class voters, emails obtained by CNN and the progressive watchdog group Documented show that he was steered toward adopting his “anti-woke” investment regulation by a little-known, right-wing think tank with deep ties to conservative billionaires. The communications show that officials with the Foundation for Government Accountability suggested regulatory language to Ashcroft and even wrote an op-ed article that Ashcroft published in a national conservative magazine under his own name.
The emails not only reveal FGA’s influence over Ashcroft, they offer a snapshot of the group’s growing influence across the country, particularly in red states. And that influence can carry a high cost for workers and taxpayers.
The “anti-woke” investment measures have cost states hundreds of millions of dollars in additional investment fees and can lead to smaller returns for public employee retirement plans. One study estimated a 2021 Texas law would cost taxpayers up to $500 million in higher interest rates just on bonds sold in the first eight months after the law passed. Another study calculated that the law cost local governments $270 million a year in added fees, resulting in an annual $668 million in lost economic activity and thousands of full-time jobs.
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