Posted on 01/13/2023 6:56:52 AM PST by Oldeconomybuyer
There is a cohort of elected officials in the United States presently engaged in an anti-capitalist crusade against free-market principles. No, they are not socialists. They are congressional Republicans, and they are attempting to prevent financial institutions from allocating capital in accordance with investor preferences and risk management principles. This attempted crackdown is purely ideological in nature — it is an exercise in political pressure to force a gross government overreach into U.S. capital markets.
This campaign, which should offend anyone with even a modicum of pro-market sensibilities, is being championed from within the Republican Party. Republican state lawmakers and members of Congress are attempting to stifle the growth of sustainable investing and to punish corporate efforts at climate-related financial risk management.
If it seems that elected Republicans have very suddenly awakened to the momentum toward climate risk reporting and the popularity of so-called environmental, social, and governance (ESG) investing, and dramatically stepped up their counteroffensive accordingly, that is no coincidence. This is a closely coordinated political effort driven by a network of dark money organizations fronting for climate denial groups and fossil fuel interests.
There is no reason to think Republicans will stop with ESG; next, they could very well be telling investors not to put their money in tech companies or companies with unions. It is a stunning exercise in bald-faced hypocrisy from the party that so often claims to champion free-market values. The intent of their effort is very straightforward: to create a chilling effect and force financial firms to disregard the market’s preferences and regulators to disregard actual risk. Wall Street — and its regulators — must not be intimidated.
(Excerpt) Read more at cnbc.com ...
That is the only worthy response.
Hilarious! They are mocking themselves with such tripe.
“This attempted crackdown is purely ideological in nature — it is an exercise in political pressure to force a gross government overreach into U.S. capital markets.”
PRECISELY the argument against ESG. Ah, accuse your enemy of what you’re doing yourself...
State capitalism always sucks.
Any form where the control of Capital is in the hands of a few sucks, be it Socialism or Oligarchy.
3 of the DUMBEST DEMOCRATS IN THE SENATE WROTE THIS CRAP!
Sadly, not. Patty Murray, Crazy Mazie Horono and many other mentally disabled Democrat Senators come to mind before these three Dems.
More oppositeness. Up is down. Black is white. ESG is not government overreach—free markets are.
Any money manager putting their clients in ESG is violating their responsibility as a fiduciary.l
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