SFOF Action is a nonprofit lobbying organization created in 2024 that opposes Environmental, Social, and Corporate governance (ESG) investing in state finances, especially as it involves state treasurers, comptrollers, and auditors. SFOF Action advocates for policies that promote an efficient, effective, and accountable government. ¹

SFOF Action is the advocacy partner of the State Financial Officers Foundation (SFOF), an organization comprised of state auditors, controllers, and treasurers. SFOF currently maintains a membership of 35 state financial officers from 28 states, making it the largest free-market focused network of fiduciaries in the U.S. ¹

Activities

SFOF Action was established in 2024 by the State Financial Officers Foundation (SFOF) as its political lobbying arm. With its 501(c)(4) designation, SFOF Action can engage in political campaign activities in its effort to oppose Environmental, Social, and Corporate governance (ESG) investing in state finances. ²

On April 30, 2024, the Washington Examiner reported that Noah Wall, executive director of SFOF Action, said the primary goals of SFOF Action are to defend state treasurers and state auditors who are being pressured by large investment management companies like BlackRock and to prevent “the Left” from being elected to state financial officer positions. ³

SFOF Action advocates for policies that support economic freedom, free markets, and pension reform. SFOF Action intends to represent the voices and advance the priorities of state financial officials in statehouses nationwide, especially as it related to state budgets, tax policy, and regulatory reform. ¹

Funding

While the formation of SFOF Action was announced in 2024, the organization filed a form 990-N “e-postcard” for tax year 2022, reporting less than $50,000 in revenue. SFOF Action does not appear to have filed any other tax returns as of June 2024. ⁴

People

Noah Wall is the executive director of SFOF Action and the executive vice president for policy and government affairs of the State Financial Officers Foundation. Wall formerly worked as executive vice president at Freedomworks and formerly sat on the State Central Committee of the Republican Party of Virginia. ⁵

Ron Crane is the chair of SFOF Action, a member of the board of the State Financial Officers Foundation, and the Idaho State Chair for U.S. Term Limits. Crane is a Republican politician, former Idaho State Treasurer, and a former member of the Idaho House of Representatives. ⁶

1. “Home.” SFOF Action. Accessed May 17, 2024. https://sfofaction.org/.
2.  “Economy & Society Newsletter.” Ballotpedia, May 7, 2024. Accessed May 17, 2024. http://info.ballotpedia.org/dm?id=DC845FD1ED86A7BC5AAB402D470A942F6E43630501AD63A4.
3. Halaschak, Zachary. “Republican state treasurers launch political arm to escalate war against ESG.” The Washington Examiner, April 30, 2024. https://www.washingtonexaminer.com/policy/finance-and-economy/2985931/republican-state-treasurers-launch-political-arm-escalate-war-esg/.
4. “SFOF Action Inc.” The Internal Revenue Service. Accessed May 18, 2024. https://apps.irs.gov/app/eos/details/.
5. “Noah Wall.” State Financial Officers Foundation. Accessed May 15, 2024. https://sfof.com/our-team/noah-wall/.
6. “State Chairs.” U.S. Term Limits. Accessed May 15, 2024. https://www.termlimits.com/state-chairs/.