Anti-ESG Politicians Cost Their States and Cities Billions
Supposed free-market champions are limiting the freedom of investment managers, leading to lower returns and higher interest rates on bonds.
In the face of fires, record heat, floods and other extreme weather events across the country, House Republicans are using much of July to oppose financial transparency related to climate risks and to attack investor freedoms. Their reckless course endangers not just the planet but also the financial stability of Americans’ retirement savings and pensions. One Republican went so far as to say consideration of climate risk by asset managers is “Satan’s plan.”
On July 12, leaders of the House Financial Services Committee launched hearings to attack environmental, social and governmental (ESG) practices by financial firms. They are also crafting legislation that would outlaw long-standing risk assessment practices.