ST. LOUIS – A leading trade organization is suing Missouri Secretary of State Jay Ashcroft over new rules targeting “woke investing.”

FOX 2’s partners at the St. Louis Post-Dispatch reported that the securities industry and financial markets association shared that the new rules conflict with federal security laws. Ashcroft issued the rules that went into effect July 30, after a similar proposal died in the Missouri legislature.

They require broker-dealers to get consent from customers to buy or sell an investment product based on social or non-financial objectives, like fighting climate change.

Ashcroft defended the move, saying it requires companies to be “fully transparent with their clients.”