Your monthly support provides voters the knowledge they need to make confident decisions at the polls. Donate today.
House Republicans hold ESG hearing (2023)
| Environmental, social, and corporate governance |
|---|
|
| • 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 |
On June 6, 2023, the House Oversight Committee held a hearing on ESG and the risks that its Republican led members believes it poses to the nation’s financial infrastructure:
| “ | A Republican congressional committee escalated its campaign against sustainable investing on Tuesday.
The GOP heads of two major House subcommittees sought to cast investing that considers factors like climate or human rights as an insidious attempt to “rewire the fabric of America,” in the words of Rep. Pat Fallon (R-Texas), chairman of the Oversight Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs. Proponents of Environmental, Social and Governance (ESG) investing offer only “woke” policies that deliver nothing but higher prices, fewer market choices, and cultural oppression” and jeopardize investment returns for retirees and other investors, Fallon said in a statement. Without control of the Senate, formal Republican anti-ESG initiatives are unlikely to pass — especially with President Biden lkely to veto them. And Democrats argued that the hearing was old news. “Once again, we sit here in this hearing room, wasting our time, our constituents’ time and the nation’s time on a Republican manufactured crisis,” said Rep. Shontel Brown (D-Ohio) Rep. Katie Porter (D-Calif.) was even more blunt. “I can’t believe this is part two [of the ESG hearings],” she said. “Part one was actually the stupidest hearing I’ve ever been to. And now we’re having part two.” “Please God,” she added, “let there not be a part three.”… Republicans were at pains to argue that this was not — as Democrats claimed — an attack on economic freedom, long a core rhetorical touchstone of the party. “Republicans aren’t demonizing ESG — it’s a free country. If you want to invest in ESG, invest in ESG,” said Rep. Lisa McClain (R-Mich.), chair of the Subcommittee on Health Care and Financial Services. But McClain and other GOP members argued that money managers should not make those decisions with the funds that have been entrusted for them…. Democrats have argued that without mandatory ESG disclosure, it is impossible for investors to make the sort of decisions that Republicans insist they should still be allowed to make.[1] |
” |
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.
| |||||||||||||||||||||||
