In a statement provided to me, Rubio’s office explained that the bill would provide “shareholder plaintiffs with certain procedural advantages in state law fiduciary duty litigation under defined circumstances that indicate the apparent presence of political conflicts of interest.”

They named four circumstances in particular: when a company takes “material action” in “response to a state law when the subject of the law is unrelated to the company’s financial interest,” to boycott “an industry in which the company already does business primarily on a basis that is unrelated to the company’s financial interest,” to promote “critical race theory and other critical theories defined by President Trump’s 2020 Executive Order,” or for “which it uses public reasoning to justify the action that is primarily non-financial in nature.”

Conservative activists and business leaders I talked to praised Rubio for offering a legislative vehicle for taking on corporate wokeness. “Republicans talk about woke capital all the time and conservatives go to these conferences, and we talk about ‘what are the ways we can actually fight these guys?’” Jon Schweppe, a long-time conservative operative who today does policy work at the American Principles Project, told me. “It always ends up being cultural stuff…ultimately like this is the first example of a Senator, a Republican Senator, anyway, proposing a way to exert some form of state power against woke capital.”