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House GOP launches investigation into groups pushing ESG policies


House Republicans launched an antitrust probe last week into major climate groups pushing “environmental, social and governance” (ESG) policies.

House Republicans sent a letter to members of the Steering Committee for Climate Action 100+, a group that pushes businesses to “take necessary action on climate change” and has led the left-wing ESG movement.

The letter sought to demand documentation showing that the group had been “facilitating and coordinating companies’ efforts to achieve ESG-related objectives” since December 2016, in addition to being a “formal request to retain all existing records and documents and future relating to the subjects covered in this letter.”

The group of Republicans said in the letter that they believe Climate Action 100+ “works[s] as a cartel to “ensure that the world’s largest emitters of greenhouse gases take the necessary action against climate change”.

Republicans explain:

Woke corporations are collectively embracing and enforcing progressive policy goals that American consumers don’t want or need. An individual company’s use of company resources for progressive purposes could violate fiduciary obligations or other laws, harm its viability and alienate consumers. But when companies agree to work together to punish disadvantaged opinions or industries, or to advance environmental, social and governance (ESG) goals, this coordinated behavior can violate antitrust laws and harm American consumers.

At its core, ESG is just partisan politics disguised as responsible corporate governance. An ESG ‘political centerpiece’ is stifling oil and gas investment, and Wall Street firms have been ‘bragging'[ed] on their coordinated efforts to stifle energy investment. However, boycotting certain energy investments is only a subset of the types of ESG-related goals. The list includes, for example: “climate change (e.g. climate change reports, climate change risks, greenhouse gas emissions targets)”, “sustainability reports” and other “energy-related” issues. ESG objectives may also include other policy concerns, such as “spreading false information” or “gun control”. Access to abortion is even part of the ESG.

As the Republican group noted and as Breitbart News has chronicled, ESG policies pushed by groups like Climate Action 100+ and Wall Street corporations are a form of left-wing activism that has become the latest vehicle to influence how businesses and financial firms continue to take social and political positions that are unrelated to their business, such as positions associated with climate change, as well as the Diversity, Equity and Inclusion (DEI) agenda . Wall Street firms, such as BlackRock, are pushing the policies as a way to invest according to specific criteria that the political left imposes on voters and consumers.

The letter comes after Sean Fieler, president and chief investment officer of investment firm Equinox Partners, wrote a the wall street journal editorial earlier this year, The ESG movement is a ripe target for antitrust action, explaining how the “coercive tactics of the ESG movement may be a violation of U.S. antitrust law.”

“Advancing the ESG agenda requires owners of capital to agree to restrict the supply of certain goods and services,” he wrote. “Whatever the motives of the colluding parties, this is a classic violation of antitrust laws.

The letter from House Republicans was signed by Rep. Jim Jordan (R-OH), the new chairman of the House Judiciary Committee, in addition to Rep. Dan Bishop (R-NC), Rep. Matt Gaetz (R- FL), Rep. Tom McClintock (R-CA), Rep. Scott Fitzgerald (R-WI), and Rep. Cliff Bentz (R-OR).

Over the past year, and especially in recent months, more Republicans across the United States have begun to take aim at BlackRock for its ESG policies. Several Republican-run states across the United States have begun withdrawing the money they have invested from BlackRock due to its left-leaning activism in financial investing.

In fact, the North Carolina treasurer became the first to ask BlackRock CEO Larry Fink to “resign or be removed” from the company’s management team because of his obsession. to pursue the left “political agenda” with movements like the ESG.

Additionally, state treasurers from several states attended the State Financial Officers Foundation (SFOF) conference last month, where many representatives from across the country presented a strategy against ESG policies. The group launched a website and explainer video, hoping to educate Americans about the dangers of ESG policies.

At the conference, several state treasurers explained to Breitbart News that ESG policies hurt each state differently, but collectively hurt all American taxpayers financially. Therefore, they came together in a common effort to fight leftist politics disguised as economics.

Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.



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