House Republicans consider next ESG actions (2023)
| Environmental, social, and corporate governance |
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House Republicans held hearings, issued statements, and passed out of committee various bills related to ESG in July. The discussion has now turned to how they intend to move forward with their plans to oppose ESG:
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Prior to departing for the August recess, Chairman Patrick McHenry (R-NC) wrapped up the month-long series of hearings considering digital assets and environmental, social, and governance (ESG) legislation. In tandem markups held on 26 July and 27 July, HFSC advanced several bills on these issues, both on a bipartisan basis (digital assets and stablecoin) and along party lines (anti-ESG bills). Prior to the ESG markup, HFSC Republicans had released 18 bills that would be under consideration. However, these bills were then bundled into a few larger packages, which was done in a way that largely precluded Democratic support, as they were then tied to provisions that only Republicans would support. … Chairman McHenry will likely push for full House consideration of these bills now that Congress has returned from the August recess. The top Congressional priorities are consideration of the FY2024 appropriations bills, the FY2024 National Defense Authorization Act, the Federal Aviation Administration reauthorization, and the Farm Bill. However, given Chairman McHenry’s standing with the House leadership, we expect the Republican-led House may consider and pass the HFSC bills. In a narrowly divided House and an even narrower Senate, it is possible there will be room for bipartisan agreement on some of these issues going forward, though that may prove more difficult as we get closer to the 2024 presidential election. Another factor involved in the Congressional focus on ESG is the Securities and Exchange Commission’s (SEC) long-awaited final rule on climate risk disclosures and proposed rule on human capital disclosures. Both rulemakings are listed on the SEC’s Unified Regulatory Agenda with potential actions in October 2023. However, the timing remains unclear and these rulemakings could slip into 2024 given the ongoing controversy and threat of litigation. When the respective proposed and final regulations are issued, it is likely to spur increased attention and oversight, particularly by House Republicans. Regardless, we should expect a continuing focus on ESG in Congress as a proxy battle for more fundamental political and policy differences on the role of government.[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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