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Democrats request environmental policies from asset managers (2025)
| 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 |
Rep. Maxine Waters (D-Calif.) and 40 other House Democrats sent letters last week to major U.S. banks and asset managers requesting details about their current climate and ESG strategies. The lawmakers also asked whether the firms had communicated with the Trump administration about their climate policies.
The letters targeted firms that recently withdrew from global climate alliances, which the lawmakers argued was a reversal of prior environmental commitments. The outreach shows political pressure on U.S. banks over ESG from both major parties.
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The Thursday letters were addressed to top executives at JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs, Morgan Stanley, State Street, BlackRock, Northern Trust, Franklin Templeton, Invesco and Pimco. … All 12 banks and asset managers have left United Nations-backed groups such as the Net-Zero Banking Alliance and Net-Zero Asset Managers initiative, or departed other sustainability-focused groups like Climate Action 100+ since January 2024. Wall Street has broadly stepped away from climate alliances as the political environment has shifted. … The lawmakers made clear that the institutions are being queried because of their climate alliance exits, and the letters indicated the representatives wanted to “express disappointment over [the] company’s decision to backtrack on its climate goals in response to political pressure and the influence of fossil fuel special 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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