S.23-1.13: You Are Too Big Act (Passed)

[Mr. Reactionary]

YOU ARE TOO BIG ACT

1. The Bullmoose Act shall be amended as follows:

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2. The officers, agents, and employees of any financial investment company or fund that manages finances for persons in the Southern Region hereby possess a fiduciary duty to make investment decisions as a reasonably prudent investor would for the benefit of the beneficiaries of the investments. Accordingly no such officer, agent, or employee shall make investment decisions on behalf of the company or fund based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the company or fund supporting or opposing a public policy that does not directly affect the corporation. Any beneficiary shall be entitled to iniate a beneficiary derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs. The Southern Region and any State or local government therein shall transfer any financial assets it has deposited or invested with a financial investment company or fund that violates this provision within six (6) months of such violation. Withdrawn funds shall then be deposited with an appropriate investment fund. Such fund may include investments in the stock of any officially chartered Southern Company. Any financial investment company or fund that manages finances for persons in the Southern Region shall be prohibited from casting proxy votes on behalf of beneficiaries when such company or fund owns more than 1% of a particular company’s voting securities. In such case the individual passive investors shall be responsible for casting votes.

3. The officers, agents, and employees of any shareholder proxy voting firm or company that advises on corporate shareholder proxy voting for persons in the Southern Region hereby possess a fiduciary duty to make business decisions as a reasonably prudent investor would for the benefit of the contracted shareholders. Accordingly no such officer, agent, or employee shall cast or recommend any proxy vote or make business decisions on behalf of the firm or company based off ESG factors, personal political viewpoints, or personal bias nor shall any such officer, agent, or employee make a public statement on behalf of the firm or company supporting or opposing a public policy that does not directly affect the contracted shareholders. Any shareholder contracted with such firm or company shall be entitled to iniate a shareholder derivative class action lawsuit against any officer, agent, or employee violating this paragraph to seek damages and legal costs. [/B]

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9. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 10,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

2. This act shall take effect February 15, 2023.

[Mr. Reactionary]

Pulls southern funds out of woke big banks.

[RFayette]

Motion for final vote

[fhtagn]

24 hours for objections

[reagente]

A final vote is now open for 72 hours, or until 24 hours after this has enough votes to pass or fail, or until everybody votes, whichever occurs soonest.

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Aye

[RFayette]

Aye

[fhtagn]

Aye

[UlmerFudd]

aye

[Mr. Reactionary]

Bill passes 4-0-0-1