Scrutiny on progressive corporations who use woke ‘ESG’ (Environmental, Social, Governance) factors to determine their investment decisions has continued to increase, though Republicans have been able to do very little about it at the federal level until recently.
Within a month of controlling the House of Representatives, Republicans are already introducing legislation that would clamp down on a corporation’s ability to use ESG factors, particularly where government subsidies or funds are involved.
Some, such as Senator Eric Schmitt (R-Mo.), have went so far as to say that the Justice Department needs to launch an antitrust investigation in to big tech companies.
Others, such as Senator Mike Braun (R-In.) have introduced legislation that would prohibit retirement plan fiduciaries from using ESG factors when making investments.
Braun noted that companies that funds that use ESG factors have a worse return on investment, citing research from the Harvard Business Review.
The Daily Caller Reports–
Congressional Republicans are launching the 118th Congress with a series of bills targeting the politicization of big business.
GOP members view ESG investing and major firms partnering with the federal government as part of the same problem. From bureaucrats pushing environmental, social, and governance (ESG) investing to companies themselves entering the political arena, officials in both chambers are pledging legislation and investigations. In some cases, they are even supporting a Biden administration antitrust lawsuit that could break up Meta.
“There’s a whole movement to bring this woke ideology everywhere,” freshman Missouri Sen. Eric Schmitt told the Daily Caller. “It’s nuts. And I think you just need people speaking out and being willing to take action.”
As state Attorney General, Schmitt signed on to lawsuits targeting Twitter, Facebook and the financial ratings firm Morningstar. He also launched a probe into a group of banks that promised to issue loans with the goal of reducing worldwide carbon emissions.
