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Congressmen send letters requesting ESG information from Big Three asset managers (2023)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
House Judiciary Committee Chairman Jim Jordan (R-Ohio), along with Reps. Thomas Massie (R-Ky.) and Dan Bishop (R-N.C.), sent letters to the Big Three passive asset management firms – BlackRock, State Street, and Vanguard – on July 6 requesting information about their efforts to combat climate change through ESG. Jordan said such efforts could violate antitrust laws:
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House Judiciary Chairman Jim Jordan and two other House Republicans fired off letters to financial industry giants including BlackRock Inc., Vanguard Group Inc., and State Street, contending that their efforts to combat climate change could violate US antitrust law. The lawmakers warned in the letters on Thursday that agreements to decarbonize their assets “and reduce emissions to zero” could have “potentially harmful effects on Americans’ freedom and economic well-being.” Jordan, Representative Thomas Massie of Kentucky and Representative Dan Bishop of North Carolina signed the letters, which ask for “relevant documents and information” to be produced within two weeks. … The letters highlight the widening schism between much of the modern GOP and Wall Street, long a traditional ally. The Republican lawmakers also sought information from the Glasgow Financial Alliance for Net Zero and its Net Zero Asset Managers initiative. GFANZ is co-chaired by former Bank of England Governor Mark Carney and Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg LP. BlackRock said in a statement that its “sole focus as a fiduciary is seeking the best financial outcomes for our clients, consistent with their investment objectives. We look forward to engaging with the committee on how we do that.” Vanguard spokesperson Emily Farrell said the company looks forward to “reviewing and responding” to the committee’s request. “As an asset manager owned by the investors in our funds, our unique, independent approach is focused on helping everyday retail investors achieve their long-term financial goals,” Farrell said in a Friday statement. Randall Jensen, spokesman at State Street, said the firm assesses and votes on shareholder proposals based on what’s in clients’ best long-term interests.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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