Why banks are fighting Environmental, Social Governance (ESG) legislation

American Thinker ^ | 02/23/2022 | Bette Grande

[SeekAndFind]

In state legislatures throughout the country, lawmakers are introducing bills to protect the rights of their constituents concerning freedom of speech and freedom of association. Bank lobbyists are aggressively opposing these consumer protection bills, which begs the question: why? The banks say they do not use ESG metrics, so why oppose these consumer protection bills that merely erect some guardrails to ensure the rights, freedoms, and choices of citizens are protected?

The banks and others opposing legislation to protect consumers and small businesses from ESG discrimination say the legislation interferes with the free market, that the government is meddling with how a private business operates. However, does a free market in financial services exist today? The aggressiveness of banks’ opposition to these ESG bills hints that there may be more to the story.

When the biggest banks in the world partner with large businesses, federal regulators, the United Nations, and entities in Net-Zero 2050 alliances, we are no longer operating under a free market. Crony capitalism, corporatism, or fascism, but not a free market. Individual citizens and independent businesses are seeing their choices and their freedoms slip away.

For those who do not believe that government and banks would ever collude to discriminate against a legal business, look into Operation Choke Point, an early test run of the “public private partnership” to enforce a political ideology. From Forbes, "Newly unsealed documents show top FDIC officials running operation choke point," federal regulators conspired to shut payday lenders and firearms business out of the banking system. Is that how a free market operates?

Some say that the ESG movement is just the latest bogeyman, that there is no proof that the movement is impacting individuals and businesses. That is false.

[SeekAndFind]

The bank lobbyists who testify in opposition to the ESG consumer protection bills should be asked if any banks they represent have joined the UN Net-Zero Banking Alliance. The Alliance website says banks representing more than 40 percent of global banking assets are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. In their own words: “The Alliance will reinforce, accelerate, and support the implementation of decarbonization strategies.”

American banks that have signed on to the UN Net-Zero Banking Alliance to date include Bank of America, Blue Ridge Bank, Citi, JPMorgan Chase, Morgan Stanley, Goldman Sachs, and Wells Fargo.

[no-to-illegals]

Could this opposition be due to using their customer’s money at a near 0% interest rate. Or is this middle eastern influence ? And American banks no longer belong to America ? Sold and not told ?

[CodeToad]

Banks get into woke liberal politics and ban conservative companies, so why shouldn’t they suffer from their own decisions to go woke?

[BuchananBrigadeTrumpFan]

Author picked a poor example, because the folks who want to cancel gun sellers and other types of businesses are the ones pushing the ESG communist ideology.

[Tell It Right]

Banks have to put up a front as though they oppose ESG so that the ESG police won't regulate those banks away.

The idea is to show the government overlords that you're on their side in hope that they won't punish you as much.

[Vigilanteman]

Bottom line is that banks can’t make any money if depositors flee to crypto-currencies, precious metals or cash under the mattress.

[G Larry]

Larry Fink (BlackRock) is the one using ESG to blackmail business into using this MARXIST metric.

[FLT-bird]

Them opposing it convinced me even more that we need it.

[oldtech]

Is there any reason a bank should make money off of money that is not going through their hands? Such as money stashed in a mattress. If it is not run through a banking facility, then the bank has no reason to cry about it.