NPR.

This is the Anticator from Planet Money, I'm Darien Woods.

And I'm Whalen Wong.

And I hope everyone packed their galoshes today because we have to wade into the culture

wars.

Oh yeah, it is thick and deep, this morass, but don't worry, there is an economic lesson

here.

And we're going to find it.

Now, there's been a lot of public rhetoric from government officials who have attacked

companies over their ESG policies.

ESG stands for Environmental, Social and Governance, and it's a broad term to describe

business decisions around things like climate change and workplace diversity.

And some states have gone a step beyond anti-ESG rhetoric.

Last year, Texas banned local governments from working with certain banks.

These were banks that the state leaders said were discriminating against things like

oil and gas and guns.

He is our one state legislator, Republican Phil King put it.

If you boycott Texas energy, then Texas will boycott you.

You can't find me, I quit.

I'm breaking up with you first.

Got that kind of vibe to it.

Now, when these laws took effect, five major banks stopped working with local governments

...