We just scored a big victory against the woke takeover of American financial organizations. After Chairman Jordan and I called them out for potential violations of antitrust law, major corporations dropped their involvement with an Environment, Social, and Governance ESG group.
reuters.com/sustainability…
Chairman Jordan and I (as Chairman of the Subcommittee on the Administrative State, Regulatory Reform, and Antitrust) wrote
@BlackRock, @Vanguard_Group, @StateStreet, and the Glasgow Financial Alliance for Net Zero about their ESG coordination.
This is one of the letters:
.@Jim_Jordan, @RepDanBishop, and I warned these companies that their ongoing efforts "coordinating their members' agreements to ‘decarbonize’ their assets under management and reduce emissions to net zero" were potentially illegal under the Sherman Act.
Collusive agreements harm competition and consumers. This includes collusion to advance radical net-zero ESG climate policies. Such policies "require draconian 'declines in the use of coal, oil and gas': as much as 98% for coal, 94% for oil, and 86% for fossil fuels overall."
After receiving our letters and document preservation requests, @jpmorgan and @statestreet quit the Climate Action 100+ coalition pushing net-zero goals.
@Blackrock has "significantly limited" its involvement in this ESG effort.
This is great news for economic freedom.
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